Question
Hi There Please answer the belwo question on pririty basis in 1 hour. Thanks in advance. The following items were taken from the records of
Hi There
Please answer the belwo question on pririty basis in 1 hour. Thanks in advance.
The following items were taken from the records of a company as of December 31st.
Accounts Payable | 47,000 | Long-term Notes Receivable | 35,000 | |
Accounts Receivable | 22,000 | Patent,net | 6,000 | |
Building | 215,000 | Accrued Expenses | 9,000 | |
Cash | 15,000 | Short-term Notes Payable | 135,000 | |
Equipment | 76,000 | Common Stock | 1,000 | |
Retained Earnings | ?? | Bonds Payable | 75,000 | |
Prepaid Expenses | 12,000 | Accumulated depreciation | 92,000 | |
Sales | 123,000 | Dividends paid | 30,000 | |
Depreciation Expense | 18,000 | Unearned Revenue | 8,000 | |
Cost of Goods Sold | 75,000 | Goodwill | 28,000 | |
Long term Investments | 100,000 | Treasury Stock | 25,000 | |
Inventory | 79,000 | Short Term Investments | 50,000 | |
Interest Payable | 1,000 | Long Term Debt | 150,000 |
Prepare a balance sheet in proper format for the company as of December 31st
to compute the amount of "retained earnings" as it appears as "??" in the facts. Hint: it will be the amount you will have to "plug in" to make the statement balance correctly...assuming the other parts you prepared are correct re: assets and liabilities were computed correctly!
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