Incomplete financial statements for Baxter, Inc. follow.

Instructions
(a) Calculate the missing amounts for [1] to [13]. You may not be able to be solve each item in numerical order.
(b) Explain (1) the sequence for preparing the financial statements, and (2) the interrelationships between the income statement, statement of changes in equity, and statement of financial position.

Transcribed Image Text:

BAXTER, INC. Statement of Financial Position November 30, 2012 Assets Liabilities and Shareholders Equity Cash Accounts receivable Land Buildings Equipment Total assets $ 5,000 Liabilities 10,000 Accounts payable [1 Notes payable 50,000 84,000 Total liabilities Shareholders' equity 25,000 Common shares Retained earnings Total shareholders' equity Total liabilities and shareholders' equity S110,000 BAXTER, INC. Income Statement Year Ended November 30, 2012 Revenues Operating expenses Profit before income tax Income tax expense Profit $90,000 30,000 6,000 BAXTER, INC Statement of Changes in Equity Year Ended November 30,2012 Common Shares Retained Earnings Total Equity Balance, December 1, 2011 Issued common shares Profit Dividend:s Balance, November 30, 2012$12,000 12,000 [91 (10,000) $ [101 12] (10,000) s [13]