Challenge Exercise $1$

LO: $3$

The following items and amounts were taken from Lotte Inc.$\text{'}$s $2022$ financial statements.

$\backslash$table$[[$Cash$,$$$84,700,$Accounts receivable,$$88,419,],[$Retained earnings $(1/1/22),123,192,$Sales revenue,$584,951,],[$Cost of goods sold,$438,192,$Notes payable,$6,499,],[$Salaries and wages expense,$115,131,$Accounts payable,$49,384,],[$Prepaid insurance,$7,818,$Service revenue,,$4,806],[$Inventory$,64,618,$Interest expense,,$1,882]]$

Instructions

$($a$)$ Prepare a balance sheet as of December $31,2022.$

$($b$)$ What percentage of assets were acquired by stockholders' equity?