Here are incomplete financial statements for Brandon, Inc.

Cash Inventory Building Total assets BRANDON, INC.

Balance Sheet Assets Liabilities and Stockholders’ Equity

$ 5,000 Liabilities 10,000 Accounts payable $ 5,000 45,000 Stockholders’ equity

$60,000 Common stock (a)

ee Retained earnings (b)

Total liabilities and stockholders’ equity $60,000 Income Statement Revenues $80,000 Cost of goods sold (c)

Administrative expenses 10,000 Net income $ (d)

Retained Earnings Statement Beginning retained earnings $10,000 Net income (e)

Dividends 5,000 Ending retained earnings $29,000 Exercises 3 5 Prepare income statement and retained earnings Statement.

(SO 4)

y 4 Prepare a retained earnings Statement.

(SO 4)

Interpret financial facts.

(SO 4)

Calculate missing amounts.

(SO 4, 5)

36 CHAPTER 1 Compute net income and prepare a balance sheet.

(SO 4, 5)

=

Identify financial statement components and prepare an income statement.

(SO 4, 5)

Prepare a statement of cash flows.

(SO 5)

<_ Prepare a statement of cash flows.

(SO 5)

Introduction to Financial Statements Instructions Calculate the missing amounts.