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ABC Corporation's balance sheet on December 31, 2023, is provided below: Item Amount ($) Cash 50,000 Accounts Receivable 30,000 Inventory 20,000 Property, Plant, Equipment 200,000
- ABC Corporation's balance sheet on December 31, 2023, is provided below:
| Item | Amount ($) |
|---|---|
| Cash | 50,000 |
| Accounts Receivable | 30,000 |
| Inventory | 20,000 |
| Property, Plant, Equipment | 200,000 |
| Total Assets | ? |
| Accounts Payable | 15,000 |
| Long-term Debt | 100,000 |
| Common Stock | 50,000 |
| Retained Earnings | ? |
| Total Liabilities & Equity | ? |
Requirements:
- Calculate the Total Assets.
- Determine the Retained Earnings.
- Calculate the Total Liabilities & Equity.
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Cornerstones of Managerial Accounting
Authors: Maryanne M. Mowen, Don Hanson, Dan L. Heitger, David McConomy, Jeffrey Pittman
2nd Canadian edition
978-0176721237, 978-0176530884
