Here are incomplete financial statements for Baxter, Inc.: section*{Instructions} Calculate the missing amounts. BAXTER, INC. Balance Sheet

Here are incomplete financial statements for Baxter, Inc.:

\section*{Instructions}
Calculate the missing amounts.

Transcribed Image Text:

BAXTER, INC. Balance Sheet Liabilities and Stockholders' Equity Assets Cash $ 5,000 Liabilities Inventory 10,000 Accounts payable Building 50,000 Stockholders' equity Total assets $65,000 Common stock Retained earnings Total liabilities and stockholders' equity Income Statement Revenues Cost of goods sold Administrative expenses Net income $80,000 (c) 10,000 $ (d) Retained Earnings Statement Beginning retained earnings $10,000 Net income (e) Dividends 5,000 Ending retained earnings $25,000 $ 7,000 (a) (b) $65,000