Exercise 1-9 Here are incomplete financial statements for Donavan, Inc. Calculat

Question

Exercise 1-9 Here are incomplete financial statements for Donavan, Inc. Calculate the missing amounts. DONAVAN, INC. Balance Sheet Assets Cash Inventory Buildings Total assets $ 12,900 15,900 39,100 $67,900 Liabilities and Stockholders' Equity Liabilities Accounts payable Stockholders' Equity $ 5,400 Common stock Retained earnings Total liabilities and stockholders' equity $67,900 DONAVAN, INC. Income Statement $85,200 Revenues Cost of goods sold Saies and wages expense 10,450 Net Income DONAVAN, INC. Retained Earnings Statement Beginning retained earnings Add: Net income Less: Dividends Ending retained earnings Click if you would like to Show Work for this question: $17,900 4,160 $32,900 en Show W

Explanation / Answer

E Net Income Beginning retained earning $ (17,900.00) Dividends $      4,160.00 Ending Retained earning $   32,900.00 Net Income $   19,160.00 C Cost of Good Sold Revenues $   85,200.00 Less Salaries and wages expense $   10,450.00 Less Net Income(as per working E) $   19,160.00 Cost of Good Sold $   55,590.00 A Common Stock Balance Sheet Liabilities Amount Assets Amount Accounts Payable $    5,400.00 Cash $ 12,900.00 Common Stock(Difference) $ 29,600.00 Inventory $ 15,900.00 Retained Earning(as per retain earning statement) $ 32,900.00 Building $ 39,100.00 Total Liabilities $ 67,900.00 Total Assets $ 67,900.00

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