Here are incomplete financial statements for Garrett, Inc. Instructions Calculate the missingamounts. GARRETT, INC. Balance Sheet Liabilities

Here are incomplete financial statements for Garrett, Inc.

Instructions
Calculate the missingamounts.

Transcribed Image Text:

GARRETT, INC. Balance Sheet Liabilities and Stockholders' Equity Liabilities Assets Cash Inventory Building Total assets 5,000 10,000 45,000 60,000 Accounts payable 5,000 Stockholders' equity Common stock Retained earnings Total liabilities and stockholders' equity $60,000 Income Statement $85,000 Revenues Cost of goods sold Administrative expenses Net income 10,000 S (d) Retained Earnings Statement Beginning retained earnings Add: Net income Less: Dividends Ending retained earnings $10,000 5,000 $25,000