CULLUMBER COMPANY Balance Sheet Assets Cash $ 13,300 Inventory 16,300 Buildings 38,700 Total assets $68,300 Liabilities and Stockholders' Equity Liabilities Accounts payable $5,300 Stockholders' Equity Common stock (a) Retained earnings (b) Total liabilities and stockholders' equity $68,300 CULLUMBER COMPANY Income Statement Revenues $85,800 Cost of goods sold (c) Salaries and wages expense 10,140 Net income (d) CULLUMBER COMPANY Retained Earnings Statement Beginning retained earnings $18,300 Add: Net income 19710 (e) Less: Dividends 4,870 $33,300 Ending retained earnings