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Financial data for Sarahs Construction Company are given below. All figures are in dollars. Use this data to construct a Balance Sheet for the company
Financial data for Sarahs Construction Company are given below. All figures are in dollars. Use this data to construct a Balance Sheet for the company for the year ending December 31, 2010 and use your constructed statement to answer the following questions . NOTE: Not every item in the list below belongs on the balance sheet you have to use some given data to determine needed accounts for the balance sheet. However, other than what is listed and/or can be derived, there are no other accounts on Sarahs balance sheet - use cash as a plug figure to balance the balance sheet. Additional paid in capital 186,500 Gross fixed assets 2,658,000 Current portion of Long-term debt 33,500 Accumulated depreciation 248,500 Returns and allowances 8,500 Common stock ($1.25 par value) 607,750 Long-term debt (excluding current portion) 1,584,200 Accruals 24,500 Gross accounts receivable 212,500 Cost of goods sold 505,200 Accounts payable 196,500 Purchases 487,600 Beginning of year inventory 489,500 Short-term bank loan 48,100 Retained earnings 586,900 Cash ??? 11. What did Sarahs Construction Company record as Total Current Assets on December 31, 2010 balance sheet? 12. What did Sarahs Construction Company record as Total Current Liabilities on December 31, 2010 balance sheet? 13. What did Sarahs Construction Company record as Total Assets on December 31, 2010 balance sheet? 14. What was Total Shareholders Equity on Sarahs Construction Company December 31, 2010 balance sheet? 15. Sarahs Construction Company reported net income for 2010 of $271,886 and the company paid dividends of $0.34 per share in 2010. Given this information (along with the data provided above), compute what Sarahs Construction Company reported as retained earnings on its December 31, 2009 balance sheet
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