Here are incomplete financial statements for Donavan, Inc.

Income Statement
Revenues........................$85,000
Cost of goods sold...................(c)
Salaries and wages expense....10,000
Net income ........................$ (d)
Retained Earnings Statement
Beginning retained earnings.......................$12,000
Add: Net income..........................................(e)
Less: Dividends........................................5,000
Ending retained earnings...........................$27,000
Instructions
Calculate the missing amounts.

Transcribed Image Text:

DONAVAN, INC. Balance Sheet Assets Liabilities and Stockholders' Equity Cash Inventory Buildings45.00o Stockholders' equity Total assets $62,000Common stock $7,000 Liabilities oo0 Accounts payable 5,000 Retained earnings Total liabilities and stockholders' equity$62,000