Question

Here are incomplete financial statements for Sheridan Company.

Calculate the missing amounts.

SHERIDAN COMPANY Balance Sheet
Assets
Cash			$29,600
Supplies					(a)
Equipment (net)			64,000
Total assets			$		(b)
Liabilities and Stockholders' Equity
Liabilities
Notes payable			$24,000
Stockholders' Equity
Common stock			36,000
Retained earnings			enter a dollar amount		(c)
Total liabilities and stockholders' equity			$		(d)

SHERIDAN COMPANY Income Statement
Revenues		$61,000
Depreciation expense		enter a dollar amount		(e)
Salaries and wages expense		11,500
Interest expense		2,000
Net income		$25,000

SHERIDAN COMPANY Retained Earnings Statement
Beginning retained earnings		$		(f)
Add: Net income		enter a dollar amount		(g)
Less: Dividends		6,100
Ending retained earnings		$36,400

Answer 1

SHERIDAN COMPANY
Balance Sheet
Assets
Cash			29600
Supplies			2800		(a)
Equipment (net)			64000
Total assets			96400		(b)
Liabilities and Stockholders' Equity
Liabilities
Notes payable			24000
Stockholders' Equity
Common stock			36000
Retained earnings			36400		(c)
Total liabilities and stockholders' equity			96400		(d)
SHERIDAN COMPANY
Income Statement
Revenues		61000
Depreciation expense		22500		(e)
Salaries and wages expense		11500
Interest expense		2000
Net income		25000
SHERIDAN COMPANY
Retained Earnings Statement
Beginning retained earnings		17,500		(f)
Add: Net income		25,000		(g)
Less: Dividends		6,100
Ending retained earnings		36400