Here are incomplete financial statements for Liam, Inc. InstructionsCalculate the missing amounts. LIAM, INC. Balance Sheet Liabilities

Here are incomplete financial statements for Liam, Inc.

InstructionsCalculate the missing amounts.

Transcribed Image Text:

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) (Ь) $62,000 Retained earnings Total liabilities and stockholders' equity $62,000 Income Statement Revenues $85,000 (c) 10,000 $ (d) Cost of goods sold Salaries and wages expense Net income Retained Earnings Statement $12,000 (e) Beginning retained earnings Add: Net income Less: Dividends 5,000 Ending retained earnings $27,000