Below are incomplete financial statements for Cyclone, Inc. Required: Calculate the missing amounts. CYCLONE, INC. CYCLONE, INC.

Below are incomplete financial statements for Cyclone, Inc.

Required:Calculate the missing amounts.

Transcribed Image Text:

CYCLONE, INC. CYCLONE, INC. Statement of Stockholders' Equity Year ended Dec. 31, 2021 Income Statement Year ended Dec. 31, 2021 Common Retained Total Stk. Revenues (a) Stock Eamings Equity $14,000 $21,000 $7,000 Expenses: Beginning balance $13,000 Salaries Issuances of stock (c) (c) 5,000 5,000 Rent 7,000 Add: Net income Advertising 5,000 Less: Dividends (d) $8,000 (d) $25,000 Ending balance Net income $17,000 (b) CYCLONE, INC. Balance Sheet Dec. 31, 2021 Assets Liabilities $ 1,100 (e) $4,000 Cash Accounts payable Supplies Stockholders' Equity Land 6,000 Common stock (g) Building 16,000 Retained earnings (h) Total liabilities and stockholders' equity Total assets (f)