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 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