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Unformatted text preview: Cash $ 5,000 Liabilities Inventory 10,000 Accounts Payable $ 5,000 Building 50,000 Shh. Equity Total Assets $65,000 Common Stock ? Retained Earnings ? Total Liabilities & Shh Equity $65,000 Income Statement Revenue $ 80,000 Less Expenses: Cost of Goods Sold ? Administrative Expense 10,000 Net Income ? Retained Earnings Statement Beginning Retained Earnings $10,000 Plus: Net Income ? Less: Dividends 5,000 Ending Retained Earnings $33,000...
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This note was uploaded on 12/12/2010 for the course ACCT ACCT207 taught by Professor Dragone during the Fall '10 term at University of Delaware.
- Fall '10