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Problem 1-4B Understand the format of financial statements and the link among them (LO1-3) Below are incomplete financial statements for Cyclone, Inc. Required: Calculate
Problem 1-4B Understand the format of financial statements and the link among them (LO1-3) Below are incomplete financial statements for Cyclone, Inc. Required: Calculate the missing amounts CYCLONE, INC. Income Statement Year ended Dec. 31, 2021 Revenues Expenses: Salaries Rent $ 11,500 5,500 Advertising Net income 3,500 CYCLONE, INC. Statement of Stockholders' Equity Year ended Dec. 31, 2021 Total Stockholders' Equity Common Stock Retained Earnings Beginning balance $ 12,500 $ 5,500 $ Issuances of stock Add: Net income 3,500 18,000 3,500 Less: Dividends Ending balance S 14,000 $1 6,500 $ 20,500
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