A set of financial statements for Rabbit Company follows (Click to view the fina

Question

A set of financial statements for Rabbit Company follows (Click to view the financial statements.) Requirement Fill in the missing amounts (indicated with question marks) Requirement 1. Fill in the missing amounts. Begin by completing the income statement. Rabbit Company Income Statement For the Year Ended December 31, 2012 525,000 220,000 305,000 55,000 250,000 11,000 95,600 143,400 Gross profit on sales Administrative expenses . . Now fill in the missing amounts on the balance sheet. Rabbit Company Balance Sheet At December 31, 2012 115,000 Accounts payable . . . $ 13,100 12,200 Note payable .. . 10,100 45,000 966,000 Contributed capital . 650,000 Retained earnings. . $ 1,138,200

Explanation / Answer

Retained Earnings = Total Assets-Liabilities-Contributed Capital = 1138200-13100-10100-650000= 465000

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