Can you please explain how to do this thank you. Assets Cash $10,374 Inventory 1
ID: 2349237 • Letter: C
Question
Can you please explain how to do this thank you.Assets
Cash $10,374
Inventory 15,374
Building 39,626
Total assets $65,374
Liabilities and Stockholders' Equity
Liabilities
Accounts payable $5,000
Stockholders' equity
Common stock (a)
Retained earnings (b)
Total liabilities and
stockholders' equity $65,374
Income Statement
Revenues $87,454
Cost of goods sold (c)
Administrative expenses 10,000
.
Net income (d)$
Retained Earnings Statement
Beginning retained earnings $15,374
Net income (e)
Dividends 5,000
Ending retained earnings $40,454
Explanation / Answer
e. net income 40454-15374-5000= $30080 Cost of goods sold (c) 87454-10000-30080= $47374 Retained earnings (b) $40,454 Common stock (a) 65374-5000-40454= $19920