CYCLONE, INC. CYCLONE, INC. Statement of Stockholders' Equity Year ended Dec. 31, 2021 Income Statement Year ended Dec. 31, 2021 Common Retained Total Stk. Revenues (a) Stock Earnings Equity Expenses: Beginning balance $14,000 $7,000 $21,000 Salaries $13,000 Issuances of stock (c) (c) Rent 7,000 Add: Net income 5,000 5,000 Advertising 5,000 Less: Dividends (d) $8,000 (d) $25,000 Net income (b) Ending balance $17,000 CYCLONE, INC. Balance Sheet Dec. 31, 2021 Assets Liabilities $ 1,100 (e) Cash Accounts payable $4,000 Supplies Stockholders' Equity Land 6,000 Common stock (g) Building 16,000 Retained earnings (h) Total liabilities and Total assets stockholders' equity

Question

Below are incomplete financial statements for Cyclone, Inc.

Required:
Calculate the missing amounts.

CYCLONE, INC.
CYCLONE, INC.
Statement of Stockholders' Equity
Year ended Dec. 31, 2021
Income Statement
Year ended Dec. 31, 2021
Common
Retained
Total Stk.
Revenues
(a)
Stock
Earnings
Equity
Expenses:
Beginning balance
$14,000
$7,000
$21,000
Salaries
$13,000
Issuances of stock
(c)
(c)
Rent
7,000
Add: Net income
5,000
5,000
Advertising
5,000
Less: Dividends
(d)
$8,000
(d)
$25,000
Net income
(b)
Ending balance
$17,000
CYCLONE, INC.
Balance Sheet
Dec. 31, 2021
Assets
Liabilities
$ 1,100
(e)
Cash
Accounts payable
$4,000
Supplies
Stockholders' Equity
Land
6,000
Common stock
(g)
Building
16,000
Retained earnings
(h)
Total liabilities and
Total assets
stockholders' equity
Expand
Transcribed Image Text

CYCLONE, INC. CYCLONE, INC. Statement of Stockholders' Equity Year ended Dec. 31, 2021 Income Statement Year ended Dec. 31, 2021 Common Retained Total Stk. Revenues (a) Stock Earnings Equity Expenses: Beginning balance $14,000 $7,000 $21,000 Salaries $13,000 Issuances of stock (c) (c) Rent 7,000 Add: Net income 5,000 5,000 Advertising 5,000 Less: Dividends (d) $8,000 (d) $25,000 Net income (b) Ending balance $17,000 CYCLONE, INC. Balance Sheet Dec. 31, 2021 Assets Liabilities $ 1,100 (e) Cash Accounts payable $4,000 Supplies Stockholders' Equity Land 6,000 Common stock (g) Building 16,000 Retained earnings (h) Total liabilities and Total assets stockholders' equity

Expert Answer

Want to see the step-by-step answer?

Check out a sample Q&A here.

Want to see this answer and more?

Experts are waiting 24/7 to provide step-by-step solutions in as fast as 30 minutes!*

*Response times may vary by subject and question complexity. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers.
Tagged in
Business
Accounting

Financial Accounting

Related Accounting Q&A

Find answers to questions asked by students like you.

Q: On June 30, 2018, Streeter Company reported the following account balances:                     ...

A: Business consolidation is the combination of various business organization into a single business en...

Q: An audit plan containsa. Specifications of audit standards relevant to the financial statements bein...

A: Answer: b. Specifications of procedures the auditors believe appropriate for the financial statement...

Q: A consumer products company reported a 25 percent increase in sales from last year to this year.Sale...

A: Given information is: A consumer products company reported a 25 percent increase in sales from last ...

Q: Abercrombie & Fitch Co. reported the following in its financial statement notes.Ending inventory...

A: Definition: FOB destination: When the seller bears the freight charges for the delivery of merchandi...

Q: Roseburg Corporation manufactures cardboard containers. In 2017, the company purchased several large...

A: Click to see the answer

Q: Bryer Co. purchases all of the assets and liabilities of Stellar Co. for $1,500,000. The fair value ...

A: Goodwill: Goodwill is an intangible asset. It is defined as the excess of cost of an acquired compan...

Q: Why would managers misrepresent the financial results oftheir companies?

A: Fraud:   It is an intentional misappropriation of the assets or the financial records of an organiza...

Q: Income statement and balance sheet data for The Athletic Attic are provided below.Required: 1. Calcu...

A: Hey, since there are multiple questions posted, we will answer first question. If you want any speci...

Q: Text World, Inc., reported sales revenue of $450,000, net income of $54,000, andaverage total assets...

A: Return on assets = Net income / Average total assets where, Average total assets = (Beginning total ...

Q: Kosher Pickle Company acquires all the outstanding stock of Midwest Produce for $19 million. The fai...

A: Click to see the answer

Q: Roswell Corporation reported the following data:Dividends.................. $ 5,000Purchase returns....

A: Gross profit percentage = (Gross profit / Sales revenue) x 100 where, Gross profit = Sales revenue -...

Q: What does it mean when it is said that the United States is running a trade deficit? Whatimpact will...

A: Interest Rate:   A rate at which a borrower is ready to pay and depositor is ready to receive the m...

Q: Horizontal analysis examines trends in a company a. Between income statement accounts in the same ye...

A: Horizontal analysis of financial statements: In horizontal analysis of financial statement, the amo...

Q: Which course is most like financial accounting?a. College algebra.b. Foreign language.c. Molecular b...

A: Financial accounting: Financial accounting is the process of recording, summarizing, and reporting a...

Q: The outstanding capital stock of Coronado Corporation consists of 2,100 shares of $100 par value, 9%...

A: Definition: Cumulative preference shares mean if the dividend is unpaid in one year, it is carried f...

Q: Required 1. Prepare an income statement and a statement of owner’s equity for the year and a classif...

A: Hey, since there are multiple questions posted, we will answer first question. If you want any speci...

Q: Assume that Cane expects to produce and sell 80,000 Alphas during the current year. One of Cane’ssal...

A: Since the costing information is not given, my answer would be based on revenue. 

Q: Why is the audit of revenue recognition riskier for a new company

A: According to the GAAP, the companies should not claim any revenue until they have provided the custo...

Q: The Intramural Sports Club reports sales revenue of $1,140,000. Inventory at both the beginning and ...

A: Gross Profit is that profit of a company is the difference between Sales and Cost of Goods Sold.It i...

Q: Hanoi Foods incurs the following expenditures during the current fiscal year: (1) annual maintenance...

A: Financial Accounting:   It refers to the process of recording the financial transactions of the busi...

Q: What are the advantages and disadvantages of documenting internal control by using (1) an internalco...

A:  

Q: Equivalent Units of Conversion Costs The Rolling Department of Kraus Steel Company had 4,140 tons in...

A: Equivalent units is arrived by multiplying units on hands with percentage of completion.   

Q: The stockholders’ equity accounts of Sheridan Company have the following balances on December 31, 20...

A: The stock dividend is a method of capitalizing the retained earning.on the other hand a stock split ...

Q: Payless ShoeSource and Dillard’s both offer men’s formal footwear. Payless offers lower- to middle-p...

A: Inventory turnover ratio = Cost of goods sold / Average inventory Gross profit ratio  = Gross profit...

Q: Damon Company receives its monthly bank statement, which reports a balance of $2,000. After comparin...

A: Deposits in transit: Deposit in transit means the money received by a company and recorded in the co...

Q: As of December 31, 2019, Armani Company’s financial records show the following items and amounts.Cas...

A: Net Income = Revenues - expenses

Q: Tullahoma Company purchased equipment for $27,500. It depreciated the equipment over a fiveyear life...

A: Double declining method of depreciation is an accelerated form of depreciation method under which th...

Q: After all the ledgers had been drawn up, the following differences and errors were identified.Indica...

A: Rectification entry has to be passed when any error has been made in the books of accounts and canno...

Q: Assume you are the controller of a large corporation, and the chief executive officer (CEO) has requ...

A: Memo is a typically concise composed message or report. Memos have a twofold reason: they point out ...

Q: Motorola is a world leader in the development of cellular phone technology. During the year, the com...

A: Given case is: Motorola is a world leader in the development of cellular phone technology. During th...

Q: 1.Taryn sold a sculpture for $6,000 on 1 January 2020, she bought it in $1,500 on December 1994. Giv...

A: Introduction: s per Income Tax Act ,1977 – Australia, Capital Gain Tax (CGT) will be applicable on C...

Q: Confirmation of Trade Accounts Receivable. L. King, CPA, is auditing the financial statements of Cyc...

A: Hello, since your question has multiple parts we will solve the first question for you. If you want ...

Q: At the end of 2021, Worthy Co.’s balance for Accounts Receivable is $20,000, while the company’s tot...

A: Given information is: At the end of 2021, Worthy Co.’s balance for Accounts Receivable is $20,000, w...

Q: Which categories are non value added activities?

A: Non value added activities are those activities that does not actually add value to the product or s...

Q: On January 2, 2011, Jansing Corporation acquired a new machine with an estimated useful life of five...

A: Depreciation is the accounting process of converting the original costs of fixed assets such as plan...

Q: (Assumptions, Principles, and Constraint) Presented below are a number of operational guidelines and...

A: Accounting principle: These are the guidelines which are to be applied while preparing the accountin...

Q: (Learning Objective 2: Calculate purchases by analyzing inventory account activity)On Willow Grove D...

A: Given information is: On Willow Grove Department Stores’ most recent balance sheet, the balance of i...

Q: Grasshopper Lawn Service provides general lawn maintenance to customers. The company’s fiscal year-e...

A: Journal entry: It is the recording of financial and non-financial transaction of the organization. I...

Q: Mcdonaugh Corporation issued $250,000 of 5%, 10-year bonds payable onJanuary 1, 2019. The market int...

A: Bonds Payable: Bonds payable is a liability account that contains the amount owed to bondholders by ...

Q: The following information shows Carperk Company’s individual investments in securities during its cu...

A: 1. Identify whether each investment a through e should be classified as a short-term or long-term in...

Q: Russell Co. reports sales revenue of $30,000 and interest revenue of $5,000. Its comparative balance...

A: Statement of cash flows: Statement of cash flow is a financial statement that shows the cash and cas...

Q: Entries can draw from this partial chart of accounts: Interest Receivable; Prepaid Insurance; Accumu...

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. Th...

Q: The following selected transactions occur during the first year of operations. Determine how each sh...

A: Cash flow statement is a statement which provides details of all cash inflows and outflows of the bu...

Q: When making the determination of whether or not a selling price should be increased there are many d...

A: The enterprise has increased the selling price and wants to analyze the effects of this decision.

Q: Briefly explain the purposes of adjustments.

A: Adjustments (Adjusting entries) : These are made to record the business transactions that has been n...

Q: Use the following information about Ferron Company to prepare a complete statement of cash flows (di...

A: Answer:  

Q: Identify which of the following items are not included as part of general-purpose financial statemen...

A: Financial statements: These are financial reports that helps management in assessing the company's c...