Missing Amounts
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Here are incomplete financial statements for Brandon, Inc.
BRANDON, INC.
Balance Sheet
Assets Liabilities and Stockholders' Equity
Cash $5,000 Liabilities
Inventory 10,000 Accounts payable $5,000
Building 45,000 Stockholders' Equity
Total assets $60,000 Common stock (a)
Retained earnings (b)
Total liabilities and stockholders' equity $60,000
Income Statement
Revenues $80,000
Cost of goods sold (c)
Administrative expenses 10,000
Net income $(d)
Retained Earnings Statement
Beginning retained earnings $10,000
Net income (e)
Dividends 5,000
Ending retained earnings $29,000
Calculate the missing amounts.
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Solution Summary
The solution explains how to determine the missing amounts in the financial statements of Brandon Inc
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Here are incomplete financial statements for Brandon, Inc.
BRANDON, INC.
Balance Sheet
Assets Liabilities and Stockholders' Equity
Cash $5,000 Liabilities
Inventory 10,000 Accounts payable $5,000
Building 45,000 Stockholders' Equity
Total assets $60,000 ...
Purchase this Solution
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