Preparing Financial Statements for Bandelier Industries
Income Statement
Revenues: Amount to be determined based on available data
Expenses: Amount to be determined based on available data
Net income: Calculated as Revenues - Expenses
Retained Earnings Statement
Retained Earnings, July 1: Beginning balance of retained earnings
Add: Net income for the month
Less: If applicable, dividends paid during the month
Retained Earnings, July 31: Ending balance of retained earnings
Balance Sheet
Assets: List all assets owned by the company as of July 31, 2023
Liabilities: List all debts and obligations as of July 31, 2023
Equity: Calculate equity as Assets - Liabilities
Identifying Missing Amounts
To compute the missing amount in each category of the accounting equation (Assets = Liabilities + Equity), we need to list all available figures and unknowns in each category. The missing amount will be the sum of the remaining categories to balance the equation.
It's important to carefully analyze the financial data provided and apply the basic principles of accounting to prepare accurate and meaningful financial statements for Bandelier Industries.