review_problem2_Fall2010

review_problem2_Fall2010 - Calculate missing amounts E1-5B...

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Unformatted text preview: Calculate missing amounts. E1-5B Here are incomplete financial statements for Brandon, Inc. (SO 4, 5) BRANDON, INC. Balance Sheet Assets Liabilities and Stockholders’ Equity Cash Inventory Building $ 5,000 10,000 45,000 Total assets $60,000 Liabilities Accounts payable Stockholders’ equity Common stock Retained earnings Total liabilities and stockholders’ equity Income Statement Revenues Cost of goods sold Administrative expenses $80,000 (c) 10,000 Net income $ (d) Retained Earnings Statement Beginning retained earnings $10,000 Net income (e) Dividends 5,000 Ending retained earnings Instructions Calculate the missing amounts. $29,000 $ 5,000 (a) (b) $60,000 ...
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This note was uploaded on 03/03/2012 for the course MGMT 350 taught by Professor Greig during the Fall '08 term at Purdue.

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