18. Following is a list of balance sheet accounts for Branman Co. as of December 31, 2005.

a. Classify each of the following accounts as an asset, liability, or net worth.

b. What is the balance in the Retained Earnings account if this data forms a valid balance sheet?

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Account Balance Account Balance Cash $45,000 Declared dividends payable $20,000 Accounts receivable $8,000 Finished goods inventory $18,500 Notes payable $25,000 Land $30,000 Raw materials inventory $10,000 Net building (less depreciation) $72,000 Common stock $100,000 Work-in-process inventory $15,000 Net equipment (less depreciation) Retained earnings $36,000 ?????? Accounts payable $6,000