Problem:
Here are incomplete financial statements for Brandon, Inc.
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BRANDON, INC.
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Balance Sheet
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Assets
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Liabilities and Stockholders' Equity
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Cash
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$5,000
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Liabilities
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Inventory
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10,000
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Accounts payable
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$5,000
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Building
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45,000
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Stockholders' Equity
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Total assets
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$60,000
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Common stock
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(a)
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Retained earnings
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(b)
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Total liabilities and stockholders' equity
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$60,000
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Income Statement
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Revenues
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$80,000
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Cost of goods sold
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(c)
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Administrative expenses
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10,000
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Net income
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$(d)
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Retained Earnings Statement
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Beginning retained earnings
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$10,000
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Net income
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(e)
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Dividends
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5,000
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Ending retained earnings
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$29,000
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Calculate the missing amounts.