OWAY CORPORATION Balance Sheet Assets Cash $29,000 Supplies (a) Equipment (net) 65,000 Total assets $ (b) Liabilities and Stockholders' Equity Liabilities Notes payable $22,000 Stockholders' Equity Common stock 38,000 Retained earnings (c) Total liabilities and stockholders' equity (d) OWAY CORPORATION Income Statement Revenues $53,000 Depreciation expense (e) Salaries and wages expense 10,000 Interest expense 1,000 Net income $25,000 OWAY CORPORATION Retained Earnings Statement Beginning retained earnings $ (f) Add: Net income Less: Dividends 6,000 Ending retained earnings $37,000