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Hello! I am struggling to find the Retained Earnings Please help me solve. Balance sheet. Use the data from the following financial statements in the
Hello! I am struggling to find the Retained Earnings Please help me solve.
Balance sheet. Use the data from the following financial statements in the popup window, . Complete the balance sheet. Hint: Find the accumulated depreciation for 2017 first. The accumulated depreciation for 2017 is \$ (Round to the nearest dollar.) Comnlete the halanre cheot for 2016. (Roind to the nearect dnllar) Complete the balance sheet for 2017: (Round to the nearest dollar.) (Click on the following icon in order to copy its contents into a spreadsheet.) \begin{tabular}{|l|r|} \hline \multicolumn{2}{|c|}{ Partial Income Statement Year Ending 2017} \\ \hline Sales revenue & $349,800 \\ \hline Cost of goods sold & $141,800 \\ \hline Fixed costs & $42,900 \\ \hline Selling, general, and administrative expenses & $27,900 \\ \hline Depreciation & $46,200 \\ \hline \end{tabular} (Click on the following icon in order to copy its contents into a spreadsheet.) \begin{tabular}{|l|r|l|r|} \hline \multicolumn{3}{|c|}{ Partial Balance Sheet 12/31/2016 } & \\ \hline ASSETS & & LIABILITIES & $13,800 \\ \hline Cash & $16,000 & Notes payable & $19,200 \\ Accounts receivable & $28,000 & Accounts payable & $190,100 \\ Inventories & $47,800 & Long-term debt & \\ \cline { 2 - 4 } Fixed assets & $367,900 & OWNERS' EQUITY & \\ \cline { 2 - 4 } Accumulated depreciation () & $143,000 & Retained earnings & $132,000 \\ \hline \end{tabular} (Click on the following icon in order to copy its contents into a spreadsheet.) \begin{tabular}{|l|r|l|r|} \hline \multicolumn{3}{|c|}{ Partial Balance Sheet 12/31/2017 } \\ \hline ASSETS & & LIABILITIES & \\ \hline Cash & $26,100 & Notes payable & $12,100 \\ Accounts receivable & $19,200 & Accounts payable & $24,000 \\ \hline \end{tabular} \begin{tabular}{|l|r|} \hline Partial Income Statement Year Ending 2017 \\ \hline Sales revenue & 349800 \\ \hline Cost of goods sold & 141800 \\ \hline Fixed costs & 42900 \\ \hline Selling, general, and administrative ex & 27900 \\ \hline Depreciation & 46200 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|} \hline \multicolumn{4}{|l|}{ Partial Balance Sheet 2016} \\ \hline ASSETS & & LIABILITIES & \\ \hline Cash & 16000 & Notes payable & 13800 \\ \hline Accounts receivable & 28000 & Accounts payable & 19200 \\ \hline Inventories & 47800 & TOTAL CURRENT LIABILIT & 33,000 \\ \hline TOTAL CURRENT ASSETS & 91800 & Long-term debt & 190100 \\ \hline Fixed assets & 367900 & OWNERS' EQUITY & \\ \hline Accumulated depreciation & 143000 & Retained earnings & \\ \hline Intangible assets & 81900 & Common stock & 132000 \\ \hline TOTAL ASSETS & 398600 & TOTAL LIABILITIES AND O & WNERS EQUITY \\ \hline \multicolumn{4}{|l|}{ Partial Balance Sheet 2017} \\ \hline ASSETS & - & LIABILITIES & -- \\ \hline Cash & 26100 & Notes payable & 12100 \\ \hline Accounts receivable & 19200 & Accounts payable & 24000 \\ \hline Inventories & 53100 & \multicolumn{2}{|l|}{ TOTAL CURRENT LIABILITIES } \\ \hline TOTAL CURRENT ASSETS & 98400 & Long-term debt & 161900 \\ \hline Fixed assets & 448100 & OWNERS' EQUITY & -- \\ \hline Accumulated depreciation & & Retained earnings & \\ \hline Intangible assets & 82000 & Common stock & 182000 \\ \hline TOTAL ASSETS & 628500 & \multicolumn{2}{|c|}{ TOTAL LIABILITIES AND OWNERS EQUITY } \\ \hline \end{tabular}Step by Step Solution
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