Net income=Dividends +Ending retained earnings- beginning retained earnings
Net income= 4160+ 32300- 17300= 19160
Cost of goods sold = Revenue - salaries and wages expenses - Net income
Cost of goods sold= 85900 - 10310- 19160= 56430
Note:
Ending retained earnings only considered for calculation.
Retained earnings = 32,300
Common stock = Total liabilities and stockholders equity - Retained Earnings - account payable and Stockholders equity
Common stock= 67,300 -32,300 - 5,500= 29,500
A. Common stock= 29500
B. Retained Earnings= 32300
C. Cost of goods sold= 56430
D and E. Net income= 19160
Exercise 1-9 Here are incomplete financial statements for Donavan, Inc. Calculate the missing amounts. DONAVAN, INC....
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