Here are incomplete financial statements for Liam, Inc. InstructionsCalculate the missing amounts. LIAM, INC. Balance Sheet Liabilities and Stockholders' Equity Assets $ 7,000 10,000 45,000 Cash Inventory Buildings Total assets Liabilities $ 5,000 Accounts payable Stockholders' equity Common stock (a) () $62,000 Retained earnings Total liabilities and stockholders' equity $62,000 Income Statement Revenues $85,000 (c) 10,000 $ (d) Cost of

Chapter 1, Exercises #9

Here are incomplete financial statements for Liam, Inc.


InstructionsCalculate 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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Financial Accounting Tools for business decision making

6th Edition

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso

ISBN: 978-0470534779