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How do you solve for retained earnings from the given balance sheet? year1 Year2 Account 31-Dec 31-Dec Difference Current assets: Cash Accounts receivable Inventories Total

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How do you solve for retained earnings from the given balance sheet?

year1 Year2 Account 31-Dec 31-Dec Difference Current assets: Cash Accounts receivable Inventories Total current assets 47,000 5,000 149,000 201,000 18,000 29,000 137,000 184,000 -29,000 24,000 -12,000 -17,000 Fixed assets Land Building and equipment Less: Depreciation Total fixed assets 250,000 450,000 -150,000 550,000 250,000 550,000 -170,000 630,000 0 100,000 -20,000 80,000 Other investments: 200 0 Cash value of life insurance investment in other firms investment in subsidiary Total other 6,400 24,400 75,000 105,800 6,600 24,400 75,000 106,000 0 200 Total assets 63,200 Current liabilities: 53,000 30,000 1,500 20,000 23,000 250 Account payable Taxes payable Installment on long-term debt due this year total current liabilities 1,750 35,200 15,200 51,500 89,950 38,450 Long-term liabilities: 301,600 320,050 Long-term notes payable Total liabilities 18,450 56,900 Owner's equity: retained earnings, Dec 31 6,300

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