Cash payments for direct materials through Statement of retained earnings
 
 
 
 

The management of Nabar Manufacturing prepared the following balance sheet for June 30. Cash Accounts receivable Raw materials inventory Finished goods inventory Equipment NABAR MANUFACTURING Balance Sheet June 30 Assets Less: Accumulated depreciation Total assets Liabilities Equity Accounts payable Income taxes payable Loan payable Long-term note payable Liabilities and Equity $720,000 240,000 Common stock Retained earnings Total liabilities and equity $ 40,000 248,920 35,000 241,080 600,000 59,600 480,000 $1,045,000 $ 51,400 10,000 24,000 300,000 $ 385,400 659,600 $1,045,000