Here are incomplete financial statements for Liam, Inc. InstructionsCa

QUESTION

Here are incomplete financial statements for Liam, Inc. InstructionsCalculate the missing amounts.
So lution: a) Common Stock = Total liabilities and stockholders” equity Retained Earnings Liabilities = $62,000 $27,000 $5,000 =$30,000 b) Retained Earnings = Ending Retained Earnings = $27,000 c) COGS = Revenues Net Income Salaries and wages expense = $85,000
$32,000 $10,000 = $43,000 d) Net Income = Ending Retained Earnings + Dividend = $27,000 + $5,000 =
$32,000 e) Net Income = Ending Retained Earnings + Dividend = $27,000 + $5,000 = $32,000 LIAM, INC. Balance Sheet Assets Liabilities and Stockholders” Equity Cash $7,000 Liabilities Inventory 10,000 Accounts payable $5,000

s 45,000 Stockholders” equity Common stock $30,000 Retained earnings $27,000 Total assets $62,000 Total liabilities and stockholders” equity $62,000 Income Statement Revenues $85,000 Cost of goods sold $43,000 Salaries and wages expense 10,000 Net income $32,000 Retained Earnings Statement Beginning retained earnings $12,000 Add: Net income $32,000 Less: Dividends 5,000 Ending retained earnings $27,000

ANSWER:

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