The following are incomplete financial statements for Mackabee Inc.: Required Calculate the missing amounts. Balance Sheet Assets

The following are incomplete financial statements for Mackabee Inc.:

Required
Calculate the missing amounts.

Transcribed Image Text:

Balance Sheet Assets Cash Inventory Building S 6,000 20,000 Total assets 64,000 Liabilities Accounts payable 7,000 Equity Contributed capital Retained earnings Total liabilities and equity 64,000 Income Statement Service revenue Salaries expense Administrative expense Net income $120,000 70,000 30,000 S (d) Statement of Retained Earnings Beginning retained earnings Net income Dividends Ending retained earnings 20,000 40,000