Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Below are incomplete financial statements for Cyclone, Inc. Required: Calculate the missing amounts. CYCLONE, INC. Income Statement Year ended Dec. 31, 2021 Revenues Expenses Salanes

image text in transcribed
image text in transcribed
image text in transcribed
Below are incomplete financial statements for Cyclone, Inc. Required: Calculate the missing amounts. CYCLONE, INC. Income Statement Year ended Dec. 31, 2021 Revenues Expenses Salanes $ 11,400 Rent 5,400 Advertising 3,400 Net income CYCLONE, INC Statement of Stockholders' Equity Year ended Dec 31, 2021 Total Common Retained Stockholders Stock Earnings Equity $ 12,400 $ 5,400 $ 17 800 3,400 3,400 Beginning balance Issuances of stock Add Not income Less Dividends Ending balance $ 13,800 S 6.400 S 20,200 CYCLONE, INC Balance Sheet Dec 31, 2021 Assets Liabilities S 1.100 Accounts payable $ 2.400 Cash Supplies Land Stockholders' Equity 4.400 Common stock wymy una Issuances of stock Add Net income 3.400 3.400 Less Dividends Ending balance S 13.800 S 6,400 $ 20,200 36 Assets $ CYCLONE, INC Balance Sheet Dec 31, 2021 Liabilities 1,100 Accounts payable Stockholders' Equity 4,400 Common stock 14.400 Retained earnings Total liabilities and stockholders' oquity S Cash Supplies Land Building Total assets 2 400

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

International Accounting A User Perspective

Authors: Suadagaran, Shahrokh M, Smith Lawrence Murphy

5th Edition

1531018661, 9781531018665

More Books

Students also viewed these Accounting questions

Question

What security frameworks does Google company use and why?

Answered: 1 week ago