Here are incomplete financial statements for blossom, inc. calculate the missing amounts
blossom, inc. balance sheet
assets
cash $ 7,000
inventory 10,000
buildings 45,000
total assets $62,000
liabilities and stockholders' equity
liabilities
accounts payable $ 5,000
stockholders' equity
common stock
retained earnings
total liabilities and stockholders' equity $62,000
blossom, inc. income statement
revenues $85,000
dost of goods sold
salaries and wages expense 10,000
net income
donavan, inc. retained earnings statement
beginning retained earnings $12,000
add: net income
less: dividends 5,000
ending retained earnings $27,000
financial statements
financial statements are compiled at the end of accounting periods to report on the performance on the company over the period and the state its assets and liabilities at the end of the period.