Here are incomplete financial statements for Liam, Inc. Instructions Calculate the missing amounts. Cash Inventory Assets $

Here are incomplete financial statements for Liam, Inc.

Instructions Calculate the missing amounts.

Transcribed Image Text:

Cash Inventory Assets $ 7,000 LIAM, INC. Balance Sheet Liabilities and Stockholders' Equity Liabilities 10,000 Buildings 45,000 Total assets $62,000 Accounts payable Stockholders' equity Common stock Retained earnings $ 5,000 (a) (b) Total liabilities and stockholders' equity $62,000 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