1.List the following items in the order they appear on balance sheet:

Other AssetsLong-Term LiabilitiesProperty, Plant, & Equipment

Retained EarningsLong-Term InvestmentsCurrent Assets

Paid-in CapitalCurrent LiabilitiesIntangible Assets

1.How are assets and liabilities valued on the balance sheet?

2.For the following accounts, indicate whether the account is a current asset, long-term asset, current liability, long-term liability, or owners' equity account.

a.Portion of mortgage payable due within the next 12 months

b.Short-term investments

c.Property, plant, and equipment

d.Loan payable (notes payable) due in 6 months

e.Prepaid expenses

f.Accounts receivable

g.Accounts payable

h.Loan payable (notes payable) due in 18 months

i.Retained earnings

j.Inventory

k.Accrued liabilities

l.Other assets

m.Portion of mortgage payable not due within the next 12 months

n.Cash

o.Intangible assets

p.Paid-in capital (contributed capital)

q.Long-term investments

3.Transaction Analysis - Based on the accounting equation, for each transaction below indicate (i) which accounts of the company are adjusted and (ii) whether each account involved increases or decreases as a result of the transaction.

a.A company rents a warehouse by paying for the first six month's rent in advance.

b.An investor pays cash into a company to become a part owner

c.A company borrows money from a bank to be repaid in over time,

d.A company purchases land and equipment for cash.

e.A company purchases inventory on account (i.e., credit purchase) from their suppliers.

f.A company pays their suppliers for inventory they previously purchased on account.

Problem (Show your calculations)

1.A corporation has total assets of $600 million, total liabilities of $350 million, and paid-in capital of $150 million.

Required: What is the value of the corporation's retained earnings?