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At December 31, 20X0, Antibes Products has cash of 25,000, receivables of 32,000 and inventory of 40,000. The companys equipment totals 49,000. The company owes
| At December 31, 20X0, Antibes Products has cash of 25,000, receivables of 32,000 and inventory of 40,000. The companys equipment totals 49,000. The company owes accounts payable of 41,000 and long term notes payable of 50,000. Share capital amounts to 55,000 |
| Requirements |
| 1 Complete the companys balance sheet at December 31, 20X0 |
| 2 Use the accounting equation to compute retained earnings |
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