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Problem 1-4B Understand the format of financial statements and the link among them (L01-3) Below are incomplete financial statements for Cyclone, Inc. Required: Calculate the
Problem 1-4B Understand the format of financial statements and the link among them (L01-3) Below are incomplete financial statements for Cyclone, Inc. Required: Calculate the missing amounts. CYCLONE, INC. Income Statement Year ended Dec. 31, 2021 Revenues $ 26,400 Expenses: Salaries $ 12, 100 Rent 6,100 Advertising 4,100 Net income $ 4,100 CYCLONE, INC. Statement of Stockholders' Equity Year ended Dec. 31, 2021 Common Retained Total Stock Earnings Stockholders Equity $ 13,100 $ 6,100 $ 19,200 0 0 4,100 4,100 0 0 $ 15,200 $ 7,100 $ 22,300 Beginning balance Issuances of stock Add: Net income Less: Dividends Ending balance $ Assets $ CYCLONE, INC. Balance Sheet Dec 31, 2021 Liabilities 1.100 Accounts payable Stockholders' Equity 5,100 Common stock 15,100 Retained earnings Total liabilities and stockholders' equity $ Cash Supplies Land Building Total assets 3,100
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