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Question
Below are incomplete financial statements for Beasley, Incorporated. Calculate the missing amounts.
| Income Statement | Statement of Stockholders Equity | ||||||
| Revenues | $ (a) | Common Stock | Retained Earnings | ||||
| Expenses: | Beginning | $25,000 | $12,000 | ||||
| Salaries | 8,000 | Issuances | (c) | ||||
| Delivery | 7,000 | Net income | 5,000 | ||||
| Utilities | 5,000 | Dividends | (d) | ||||
| Net income | (b) | Ending | $30,000 | $15,000 | |||
| Balance Sheet | |||||||
| Assets: | Liabilities: | ||||||
| Cash | $15,000 | Accounts payable | 15,000 | ||||
| Supplies | 7,000 | Stockholders Equity: | |||||
| Prepaid rent | (e) | Common stock | (g) | ||||
| Equipment | 35,000 | Retained earnings | (h) | ||||
| Total assets | (f) | Total liabilities and stockholders equity | (i) | ||||
Answer
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