Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Calculate the missing amounts for all of the blanks with a blue outline Problem 1-4B Understand the format of financial statements and the link among

Calculate the missing amounts for all of the blanks with a blue outline

image text in transcribedimage text in transcribed

Problem 1-4B Understand the format of financial statements and the link among them (LO1-3) Below are incomplete financial statements for Cyclone, Inc. Rectangular Snip Required: Calculate the missing amounts. CYCLONE, INC. Income Statement Year ended Dec. 31, 2021 Revenues Expenses Salaries $ 11,500 Rent 5,500 Advertising 3.500 Net income CYCLONE, INC. Statement of Stockholders' Equity Year ended Dec. 31, 2021 Total Common Retained Stockholders' Stock Earnings Equity $ 12,500 $ 5,500 $ 18,000 $ Beginning balance Issuances of stock Add: Net income Less: Dividends Ending balance 3,500 3,500 $ 14,000 $ 6,500 $ 20,500 Assets $ CYCLONE, INC. Balance Sheet Dec. 31, 2021 Liabilities 1,000 Accounts payable Stockholders' Equity 4,500 Common stock 14,500 Retained earnings Total liabilities and stockholders' equity $ Cash Supplies Land Building Total assets 2,500

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_2

Step: 3

blur-text-image_3

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

Managerial Accounting

Authors: Ronald W Hilton

7th Edition

0073022853, 978-0073022857

More Books

Students also viewed these Accounting questions