Lee's Enterprises Ltd. suffered serious flood damage that destroyed most of its accounting records. The following statements were reconstructed from the records that were recovered, but many of the amounts are missing:

The following information is also available, to help you determine the missing amounts:
1. The company's retained earnings balance at the end of 2009 was $10,000.
2. The company's profit margin ratio was 15% in 2010 and 10% in 2011.
3. In both 2010 and 2011, the company's current assets were twice the amount of the current liabilities.
Required:
For each of the letters above, determine the missing dollar amount that will complete the financial statements.

Transcribed Image Text:

2011 Statement of Earnings Revenues 200,000 Expenses Net Income 15,000 Retained Earnings Opening Balance Net Income Dividends Ending Balance 20,000 5,000 Statement of Financial Position Current Assets Other Assets Total Assets Current Liabilities Long-Term Liabilities Total Liabilities Common Stock Retained Earnings Total Shareholders Equity Total Equity and Liabilities 54,000 10,000 40,000 20,000 80,000 0,000 34,000 55,000