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

Solution:

IVANHOE COMPANY
Balance Sheet
Assets
Cash	$14,200.00
Inventory	$17,200.00
Buildings	$37,800.00
Total assets	$69,200.00
Liabilities and Stockholders' Equity:
Liabilities
Accounts payable	$5,700.00
Stockholders' Equity
Common stock	$29,300.00	(a)
Retained earnings	$34,200.00	(b)
Total liabilities and stockholders' equity	$69,200.00

IVANHOE COMPANY
Income Statement
Revenues	$84,900.00
Cost of goods sold	$54,880.00	(c)
Salaries and wages expense	$10,070.00
Net income	$19,950.00	(d)

IVANHOE COMPANY
Retained Earning Statement
Beginning Retained Earnings	$19,200.00
Add: Net income	$19,950.00	(e)
Less: Dividends	$4,950.00
Ending retained Earnings	$34,200.00