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Below are incomplete financial statements for Cyclone, Inc. Required: Calculate the missing amounts. CYCLONE, INC. Income Statement Year ended Dec. 31, 2021 Revenues Expenses: Salaries
Below are incomplete financial statements for Cyclone, Inc. Required: Calculate the missing amounts. CYCLONE, INC. Income Statement Year ended Dec. 31, 2021 Revenues Expenses: Salaries $ 12,000 Rent 6,000 Advertising 4,000 Net income CYCLONE, INC. Statement of Stockholders' Equity Year ended Dec. 31, 2021 Common Stock Retained Earnings Total Stockholders' Equity $ 19,000 13,000 $ 6,000 Beginning balance Issuances of stock Add: Net income Less: Dividends Ending balance 4,000 4,000 $ 15,000 $ 7,000 $ 22,000 Assets $ CYCLONE, INC. Balance Sheet Dec. 31, 2021 Liabilities 1,000 Accounts payable Stockholders' Equity 5,000 Common stock 15,000 Retained earnings Total liabilities and stockholders' equity $ Cash Supplies Land Building Total assets 3,000
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