Below are incomplete financial statements for Bulldog, Inc. Required: Calculate the missing amounts. BULLDOG, INC. Income Statem
ent Revenues 38,000 Expenses: Salaries Advertising 5,800 Utilities 3,800 Net income
1 answer:
Answer:
Given retained earnings, Net income can be calculated.
Ending retained earnings = Beginning retained earnings + Net Income - dividends
9,800 = 6,800 + NI - 2,800
NI = 9,800 - 6,800 + 2,800
Net Income = $5,800
Net Income = Revenue - Salaries - Advertising - Utilities
5,800 = 38,000 - Salaries - 5,800 - 3,800
Salaries = 38,000 - 5,800 - 3,800 - 5,800
Salaries = $22,600
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