Problem 14A Understand the format of financial st Below are

Problem 1-4A Understand the format of financial st Below are incomplete financial staterments for Bulldog, Inc. Required: Calculate the missing amounts. BULLDOG, INC. Income Statement $ 35,000 Revenues Expenses Salaries 26,600 5,200 3,200 Advertising Utilities Net income BULLDOG, INC Statement of Stockholders\' Equity Retained Stockholders\' Total Common Stock Earnings Equity Beginning balance ssuances Add Net income 9.200 6200 15,400

Solution

Answer

Common Stock

Retained Earning

Total Stockholders\' Equity

Beginning Balance

9200

6200

15400

Issuance

1200

0

1200

Add: Net Income

5200 [Bal figure]

5200

Less: Dividend

-2200

-2200

Ending Balance

10400

9200

19600

Net Income = $5200
6200 + x(Net Income) – 2200 = 9200
x = 9200 + 2200 – 6200
x = 5200

Revenues

35000

Expenses

Salaries

21400 [Bal figure: 35000 – 5200 – 3200 – 5200]

Advertising

5200

Utilities

3200

Net Income

5200

Assets

Liabilities

Cash

3200

Accounts Payable [22800 – 10400 – 9200]

3200

Accounts Receivables

2200

Equity:

Supplies

8200

Common Stock [from above]

10400

Equipment

9200

Retained Earnings [from above]

9200

Total Assets

22800

Total Liabilities & Equity

22800

	Common Stock	Retained Earning	Total Stockholders\' Equity
Beginning Balance	9200	6200	15400
Issuance	1200	0	1200
Add: Net Income		5200 [Bal figure]	5200
Less: Dividend		-2200	-2200
Ending Balance	10400	9200	19600