Amounts of the assets and liabilities of Mary Burke Banking Company, as of August 31, 2012, are

Question:

Amounts of the assets and liabilities of Mary Burke Banking Company, as of August 31, 2012, are given as follows. Also included are revenue and expense figures for the year ended on that date (amounts in millions):

Requirement
Construct the balance sheet of Mary Burke Banking Company at August 31, 2012. Use the accounting equation to compute ending retainedearnings.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...