Sullivan Corporation ended its fiscal year on September 30, 2018, with cash of $78 million, accounts receivable

Question:

Sullivan Corporation ended its fiscal year on September 30, 2018, with cash of $78 million, accounts receivable of $27 million, property and equipment of $27 million, and other long-term assets of $21 million. The company’s liabilities consist of accounts payable of $34 million and long-term notes payable of $17 million. Sullivan Corporation has total stockholders’ equity of $102 million; of this total, common stock is $31 million. Solve for the company’s ending retained earnings and then prepare Sullivan Corporation’s balance sheet at September 30, 2018. Use a proper heading on the balance sheet.

Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive... Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that... 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... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...

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