Here are incomplete financial statements for Cullumber Company. Calculate the missing amounts. CULLUMBER COMPANY
Balance Sheet
Assets
Cash $ 14,000 Inventory 17,000 Buildings 38,000 Total assets $69,000 Liabilities and Stockholders' Equity Liabilities Accounts payable $ 5,600 Stockholders' Equity Common stock enter a dollar amount
(a) Retained earnings enter a dollar amount
(b) Total liabilities and stockholders' equity $69,000 CULLUMBER COMPANY Income Statement Revenues $85,400 Cost of goods sold enter a dollar amount
(c) Salaries and wages expense 10,270 Net income $enter a dollar amount
(d) CULLUMBER COMPANY Retained Earnings Statement Beginning retained earnings $19,000 Add: Net income enter a dollar amount
(e) Less: Dividends 4,770 Ending retained earnings $34,000

(a) Common Stock = $29,400. (b) Retained earnings = $34,000, (c) Cost of goods sold = $55,360, (d) Net Income = $19,770, (e) Net Income =$19,770

Explanation:

Note: See organized question as attached below to aid understanding

Net income = Ending retained earnings + Dividends - Beginning retained earnings

Net income = $34,000 + $4,770 - $19,000

Net income = $19,770

Net income = Revenue - Cost of goods sold - Salaries and wages expense

$19,770 = $85,400 - Cost of goods sold - $10,270

Cost of goods sold = $85,400 - $19,770 - $10,270

Cost of goods sold = $55,360

Total liabilities and stockholders equity = Accounts payable + Common stock + Retained earnings

$69,000 = $5,600 + Common stock + $34,000

Common stock = $69,000 - $5,600 - $34,000

Common stock = $29,400

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