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How do you find the retained earnings and what is the answer? Preparing a Classified Balance Sheet From the following accounts, listed in alphabetical order,
How do you find the retained earnings and what is the answer?
Preparing a Classified Balance Sheet From the following accounts, listed in alphabetical order, prepare a classified balance sheet for Berkly Wholesalers as of December 31. All accounts have normal balances.
Accounts Payable | $43,900 | Inventory | $117,900 |
Accounts Receivable | 40,000 | Land | 45,900 |
Building | 67,000 | Mortgage Payable (long term) | 78,900 |
Cash | 26,900 | Office Supplies | 2,900 |
Common Stock | 111,900 | Retained Earnings | ? |
Salaries Payable | 7,900 |
BERKLY WHOLESALERS Balance Sheet December 31 | |||||||
---|---|---|---|---|---|---|---|
Assets | Liabilities & Stockholders' Equity | ||||||
Current Assets: | Current Liabilities: | ||||||
AnswerAccounts PayableAccounts ReceivableBuildingCashCommon StockInventoryLandMortgage Payable (long term)Office SuppliesRetained EarningsSalaries Payable | Answer | AnswerAccounts PayableAccounts ReceivableBuildingCashCommon StockInventoryLandMortgage Payable (long term)Office SuppliesRetained EarningsSalaries Payable | Answer | ||||
AnswerAccounts PayableAccounts ReceivableBuildingCashCommon StockInventoryLandMortgage Payable (long term)Office SuppliesRetained EarningsSalaries Payable | Answer | Salaries payable | Answer | ||||
Inventory | Answer | Total Current Liabilities | Answer | ||||
AnswerAccounts PayableAccounts ReceivableBuildingCashCommon StockInventoryLandMortgage Payable (long term)Office SuppliesRetained EarningsSalaries Payable | Answer | ||||||
Total Current Assets | Answer | Long-Term Liabilities: | |||||
AnswerAccounts PayableAccounts ReceivableBuildingCashCommon StockInventoryLandMortgage Payable (long term)Office SuppliesRetained EarningsSalaries Payable | Answer | ||||||
Long-term Assets: | Total Long-term Liabilities: | Answer | |||||
AnswerAccounts PayableAccounts ReceivableBuildingCashCommon StockInventoryLandMortgage Payable (long term)Office SuppliesRetained EarningsSalaries Payable | Answer | ||||||
Building | Answer | Total Liabilities | Answer | ||||
Total Long-Term Assets | Answer | ||||||
Stockholders' Equity: | |||||||
AnswerAccounts PayableAccounts ReceivableBuildingCashCommon StockInventoryLandMortgage Payable (long term)Office SuppliesRetained EarningsSalaries Payable | Answer | ||||||
AnswerAccounts PayableAccounts ReceivableBuildingCashCommon StockInventoryLandMortgage Payable (long term)Office SuppliesRetained EarningsSalaries Payable | Answer | ||||||
Total Stockholders' Equity | Answer | ||||||
Total Assets | Answer | Total Liabilities and Stockholders' Equity | Answer |
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