Here are incomplete financial statements for Donavan, Inc. 

Instructions 

Calculate the missing amounts.

Transcribed Image Text:

Donavan, Inc. Balance Sheet Liabilities and Stockholders' Equity Assets $ 7,000 Cash Liabilities $ 5,000 Inventory Buildings (net) Accounts payable Stockholders' equity Common stock 10,000 45,000 (a) (b) $62,000 Total assets Retained earnings Total liabilities and stockholders' equity $62,000 Income Statement $85,000 Revenues Cost of goods sold Salaries and wages expense (c) 10,000 $ (d) Net income Retained Earnings Statement Beginning retained earnings $12,000 Add: Net income Less: Dividends 5,000 Ending retained earnings $27,000