BALANCE SHEET ACCOUNTING EQUATION = LIABILITIES + STOCKHOLDERS' EQUITY CONTRIBUTED DEBT OWED TO OTHERS RETAINED EARNINGS CAPITAL ASSETS RESOURCES OF THE COMPANY BEG BAL R/E + NET INCOME +-NET GAIN/LOSS - DIVIDENDS = END BALANCE R/E Put the following ending balances into the balance sheet and income statement. Note, Net Income will be used twice! Then use this information to answer the Extra Credit Quiz on CANVAS. INCOME STATEMENT SALES/REVENUES OPERATING EXPENSES $3,000, DIVIDENDS $7,000, INVENTORY $20,000, ACCOUNTS RECEIVABLE $1,000, PREFERRED STOCK $15,000, SALES/REVENUES $25,000, BUILDINGS/EQUIPMENT $12,000, COMMON STOCK $20,000, ACCOUNTS PAYABLE $5,000, WAGES PAYABLE $2,500, COST OF GOODS SOLD $8,000, NET GAIN/LOSS $0, LONG-TERM NOTES PAYABLE $15,000, CASH $35,000, BEGINNING RETAINED EARNINGS $3,500 - COST OF GOODS SOLD = Gross Profit / Gross Margin - OPERATING EXPENSES = NET INCOME