Below are incomplete financial statements for Sterling Inc.: Required Calculate the missing amounts. Balance Sheet Assets Cash

Below are incomplete financial statements for Sterling Inc.:

Required
Calculate the missing amounts.

Transcribed Image Text:

Balance Sheet Assets Cash Inventory Building S 8,000 22,000 40,000 70,000 Total assets Liabilities Accounts payable $7,000 Equity Contributed capital Retained earnings Total liabilities & equity $70,000 Income Statement Service revenue Salaries expense Utilities expense Net income 90,000 20,000 S (d) Statement of Retained Earnings $20,000 Retained earnings, beginning balance Net income Dividends Retained earnings, ending balance 10,000 $60,000