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Exercise 1-12 Here are incomplete financial statements for Cullumber Company. Calculate the missing amounts. CULLUMBER COMPANY Balance Sheet Assets Cash Inventory $ 14,000 17,000 38,000 Buildings Total assets $69,000 Liabilities and Stockholders' Equity Liabilities Accounts payable $ 5,600 Stockholders' Equity Common stock @ Retained earnings @ Total liabilities and stockholders' equity $69,000 CULLUMBER COMPANY Income Statement $85,400 Revenues Cost of goods sold (c) Salaries and wages expense 10,270 Net income (d) CULLUMBER COMPANY Retained Earnings Statement Beginning retained earnings $19,000 Add: Net income (e) Less: Dividends 4,770 Ending retained earnings $34,000