Question

Here are incomplete financial statements for Ivanhoe Company.

Calculate the missing amounts.

IVANHOE COMPANY Balance Sheet
Assets
Cash			$ 14,200
Inventory			17,200
Buildings			37,800
Total assets			$69,200
Liabilities and Stockholders' Equity
Liabilities
Accounts payable			$ 5,700
Stockholders' Equity
Common stock			enter a dollar amount		(a)
Retained earnings			enter a dollar amount		(b)
Total liabilities and stockholders' equity			$69,200

IVANHOE COMPANY Income Statement
Revenues		$84,900
Cost of goods sold		enter a dollar amount		(c)
Salaries and wages expense		10,070
Net income		$enter a dollar amount		(d)

IVANHOE COMPANY Retained Earnings Statement
Beginning retained earnings		$19,200
Add: Net income		enter a dollar amount		(e)
Less: Dividends		4,950
Ending retained earnings		$34,200

Answer 1

Answer-

IVANHOE COMPANY
BALANCE SHEET
ASSETS	AMOUNT
	$
Cash	14200
Inventory	17200
Buildings	37800
Total Assets	69200
Liabilities and Stockholders' Equity
Liabilities
Accounts Payable	5700
Stockholders' Equity
Common stock (Balancing figure)	29300
Retained Earnings	34200
Total Liabilities and Stockholders' Equity	69200

IVANHOE COMPANY
INCOME STATEMENT
PARTICULARS	AMOUNT
	$
Revenues	84200
Less- Cost of goods sold	54180
Less- Salaries and wages expense	10070
Net Income	19950

IVANHOE COMPANY
RETAINED EARNINGS STATEMENT
PARTICULARS	AMOUNT
	$
Beginning retained earnings	19200
Add- Net Income	19950
Less- Dividends	4950
Ending retained earnings	34200

Where-  Ending retained earnings = Beginning retained earnings+ Net Income- Dividends