Question

Below are incomplete financial statements for Bulldog, Inc. Required: Calculate the missing amounts. BULLDOG, INC. Income Statement Revenues 38,000 Expenses: Salaries Advertising 5,800 Utilities 3,800 Net income

Answer 1

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

Answer 2

• The calculation is as follows:

The Net income should be

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

Now

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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