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  3. Below are incomplete financial statements for Cyclone, Inc. Required: Calculate the missing

Below are incomplete financial statements for Cyclone, Inc. Required: Calculate the missing

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Below are incomplete financial statements for Cyclone, Inc.
Below are incomplete financial statements for Cyclone, Inc. Required: Calculate the missing

Required:
Calculate the missing amounts?

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...

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Transcribed Image Text


CYCLONE, INC. Income Statement CYCLONE, INC. Statement of Stockholders' Equity Common Retained Total Stock Earnings S. Equity Revenues Expenses: Beginning balance $13,000 $6,000 Salaries Rent Advertising $12,000 Issuances of stock 6,000 Add: Net income 4,000 Less: Dividends $19,000 4,000 15000 $7,000 $22,000 4,000 Net income Ending balance CYCLONE, INC. Balance Sheet Assets Liabilities Cash Supplies Land Building S 1,000 Accounts payable S3,000 Stockholders' Equity 5,000 15,000 Common stock Retained earnings Total liabilities and stockholders' equity Total assets

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Financial Accounting

Financial Accounting

2nd edition

Authors: J. David Spiceland, Wayne Thomas, Don Herrmann

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