Here are incomplete financial statements for Sheridan Company. Calculate the missing amounts. SHERIDAN COMPANY Balance Sheet...

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

Solutions

Expert Solution

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

ekkarill92 answered 1 year ago

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