Amounts of the assets and liabilities of Mary Burke Banking Company, as of August 31, 2012, are given as follows. Also included are revenue and expense figures for the year ended on that date (amounts in millions): Total revenue ........................ $31.4 Investment assets..................... $169.3 Receivables........................... 0.3 Property and equipment, net .. 1.6 Current liabilities .................. 155.4 Other expenses....................... 6.6 Common stock...................... 14.2 Retained earnings, beginning 9.3 Interest expense 0.1 Retained earnings, ending ..... ? "Salary and other employee expenses." 17.4 Cash.......................................... 2.8 Long-term liabilities.. 2.6 Other assets............................. 14.2 Prepare the balance sheet of Mary Burke Banking Company at August 31, 2012. Use the accounting equation to compute ending retained earnings. Solution: Ellen Samuel Banking Company Balance Sheet (Amounts in millions) August 31, 2012 ASSETS LIABILITIES Cash Current liabilities Receivables Long-term liabilities Investment assets Total liabilities - Property and equipment, net Other assets "STOCKHOLDERS EQUITY" Common stock Retained earnings Total stockholders equity - Total assets $- Total liabilities and stockholders equity $- *Computation of retained earnings: Total assets ($?) Total liabilities ($?) Common stock ($?) = $?