3.1 balance sheetGiven the following information about Elkridge Sporting Goods, Inc., construct

a balance sheet for June 30, 2011. On that date the fi rm had cash and marketable securities

of $25,135, accounts receivable of $43,758, inventory of $167,112, net fi xed assets of $325,422,

and other assets of $13,125. It had accounts payables of $67,855, notes payables of $36,454,

long-term debt of $223,125, and common stock of $150,000. How much retained earnings did

the fi rm have?