Here are incomplete financial statements for Donavan, Inc. Instructions Calculate the missing amounts. Donavan, Inc. Balance Sheet

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