Question

39,000 BULLDOG, INC. Income Statement Revenues Expenses: Salaries Advertising Utilities Net income 6,000 4,000 BULLDOG, INC. Statement of Stockholders' Equity Total Common Retained Stockholders Stock Earnings Equity Beginning balance $ 10,000 $ 7,000 $ 17,000 Issuances 1,100 1,100 Add: Net income 6,000 6,000 Less: Dividends (3,000) (3.000) Ending balance $ 11,100 $ 10,000 $ 21,100

calculate the missing amounts

Answer 1

BULLDOG, INC. Income Statement
Revenues	39000
Expenses:
Salaries	23000
Advertising	6000
Utilities	4000
Net income	6000

Salaries = 39000-6000-4000-6000 = 23000

BULLDOG, INC. Statement of Stockholders’ Equity
	Common Stock	Retained Earnings	Total stockholders’ equity
Beginning balance	10000	7000	17000
Issuances	1100		1100
Add: net income		6000
Less: dividends		(3000)	(3000)
Ending balance	11100	10000	21100

Net income = 10000+3000-7000 = 6000

BULLDOG, INC. Balance Sheet
Assets		Liabilities
Cash	4000	Accounts payable	4900
Accounts receivable	3000	Stockholders’ Equity
Supplies	9000	Common stock	11100
Equipment	10000	Retained earnings	10000
Total assets	26000	Total liabilities and stockholders— equity	26000

Total liabilities and stockholders— equity = Total assets = 26000            

Accounts payable = 26000-11100-10000