Exercise 1-12 Here are incomplete financial statements for Sheridan Company. Calculate the missing amounts. SHERIDAN COMPANY Balance Sheet Assets Cash $ 12,300 Inventory 15,300 Buildings 39,700 Total assets $67,300 Liabilities and Stockholders' Equity Liabilities Accounts payable $ 5,500 Stockholders' Equity Common stock (a) Retained earings (b) Total liabilities and stockholders' equity $67,300 SHERIDAN COMPANY Income Statement $85,900 Revenues Cost of goods sold (c) Retained earnings (b) Total liabilities and stockholders' equity $67,300 SHERIDAN COMPANY Income Statement $85,900 Revenues Cost of goods sold (c) Salaries and wages expense 10,310 Net income (d) SHERIDAN COMPANY Retained Earnings Statement Beginning retained earnings $17,300 Add: Net income (e) Less: Dividends 4,160 Ending retained earnings $32,300