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Need help: Can you please help me solve this question? Here are incomplete financial statements for Garrett, Inc: Calculate the missing amounts. Note that you

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image text in transcribed Need help: Can you please help me solve this question?
Here are incomplete financial statements for Garrett, Inc: Calculate the missing amounts. Note that you might not be able to solve for all items in order Assets Cash Inventory Building $4,250 8,500 38.250 GARRETT, INC. Statement of Financial Position December 31, 2020 Liabilities and Shareholders Equity Liabilities Accounts payable Shareholders' equity Common shares $4,250 (a) (b) Retained earnings Total liabilities and shareholders' equity Total assets $51000 $51.000 $85.000 GARRETT, INC. Statement of Income Year Ended December 31, 2020 Sales revenue Cost of goods sold Operating expenses Net Income before income tax 8.500 (de Income tax expense 4.250 Net Income $ le GARRETT.IN Statement of income Year Ended December 31, 2020 Sales revenue $85.000 c) Cost of goods sold Operating expenses Net income before income tax 8.500 (d) Income tax expense 4,250 Net income $ le) GARRETT, INC. Statement of Changes in Equity Year Ended December 31, 2020 Retained Earnings $8.500 Common Shares $4,250 Total Equity $12,750 Balance, Jan. 1 Issued common shares Net income 14.250) (4,250) Dividends declared Balance Dec 31 $ $25.000

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