Here are incomplete financial statements for donavan. inc. calculate the missing amounts.

Here are incomplete financial
statements for Donavan, Inc. Calculate the missing amounts. Here are incomplete financial
statements for Donavan, Inc. Calculate the missing amounts.
Exercise 1-9 Here are incomplete financial statements for Donavan, Inc. Calculate the missing amour DONAVAN, INC. Balance Sheet Assets Cash Inventory Buildings Total assets $ 14,400 17,400 37,600 $69,400 Liabilities and Stockholders Equity Liabilities $5,300 Accounts payable Stockholders Equity Common stock Retained earnings Total liabilities and stockholders equity $69,400 Here are incomplete financial
statements for Donavan, Inc. Calculate the missing amounts.
Exercise 1-9 Here are incomplete financial statements for Donavan, Inc. Calculate the missing amour DONAVAN, INC. Balance Sheet Assets Cash Inventory Buildings Total assets $ 14,400 17,400 37,600 $69,400 Liabilities and Stockholders Equity Liabilities $5,300 Accounts payable Stockholders Equity Common stock Retained earnings Total liabilities and stockholders equity $69,400 Exercise 1-9 Here are incomplete financial statements for Donavan, Inc. Calculate the missing amour DONAVAN, INC. Balance Sheet Assets Cash Inventory Buildings Total assets $ 14,400 17,400 37,600 $69,400 Liabilities and Stockholders’ Equity Liabilities $5,300 Accounts payable Stockholders’ Equity Common stock Retained earnings Total liabilities and stockholders’ equity $69,400

e.
Net income: This is the difference of total revenues and total
expenses.
Beginning retained earnings + Net income – Dividends = Ending
retained earnings
19,400 + Net income – 4,160 = 34,400
Net income = 34,400 – 19,400 + 4,160

= $19,160 (Answer)
d.
Net income is calculated as above.
Net income = $19,160 (Answer)
c.
Cost of goods sold is associated with all sorts of direct cost
for production.
Revenues – Cost of goods sold – Salaries = Net income
85,500 – Cost of goods sold – 10,410 = 19,160
Cost of goods sold = 85,500 – 10,410 – 19,160

= $55,930 (Answer)
b.
Ending retained earnings should be considered here, since the
balance sheet as at the year-end.
Retained earnings = $34,400 (Answer)
a.
Common stock is the amount of shares issued by the company.
Accounts payable + Common stock + Retained earnings = Total
liabilities and equity
5,300 + Common stock + 34,400 = 69,400
Common stock = 69,400 – 34,400 – 5,300

= $29,700 (Answer)

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