Question
Here are incomplete financial statements for Metlock, Inc.. Calculate the missing amounts. Metlock, Inc. Balance Sheet Assets Cash $ 6,720 Inventory 9,600 Buildings (net) 43,200
Here are incomplete financial statements for Metlock, Inc.. Calculate the missing amounts.
| Metlock, Inc. Balance Sheet | ||||||
|---|---|---|---|---|---|---|
| Assets | ||||||
| Cash | $ 6,720 | |||||
| Inventory | 9,600 | |||||
| Buildings (net) | 43,200 | |||||
| Total assets | $ 59,520 | |||||
| Liabilities and Stockholders' equity | ||||||
| Liabilities | ||||||
| Accounts payable | $ 4,800 | |||||
| Stockholders' Equity | ||||||
| Common stock | enter a dollar amount | (1) | ||||
| Retained earnings | enter a dollar amount | (2) | ||||
| Total liabilities and stockholders' equity | $ 59,520 | |||||
| Metlock, Inc. Income Statement | ||||
|---|---|---|---|---|
| Revenues | $ 81,600 | |||
| Cost of goods sold | enter a dollar amount | (3) | ||
| Salaries and wages expense | 9,600 | |||
| Net Income | $ enter a total net income or loss amount | (4) | ||
| Metlock, Inc. Retained Earnings Statement | ||||
|---|---|---|---|---|
| Beginning retained earnings | $ 11,520 | |||
| Add: Net income | enter a dollar amount | (5) | ||
| Less: Dividends | 4,800 | |||
| Ending retained earnings | $ 25,920 | |||
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Taxation Of Individuals And Business Entities 2016
Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
7th Edition
9781259334870
