Question
How to find retained earnings from this information: They gave us this table: Cash 50,853 Accounts receivable 42,848 Accounts payable 23,789 Short-term notes payable 10,852
How to find retained earnings from this information:
They gave us this table:
Cash 50,853
Accounts receivable 42,848
Accounts payable 23,789
Short-term notes payable 10,852
Inventories 40,893
Gross fixed assets 1,280,715
Other current assets 5,891
Long-term debt 200,037
Common stock 490,654
Other assets 15,257
Accumulated depreciation 311,960
Retained earnings ?
They gave us a baance sheet for Assets which I filled out:
Balance Sheet
ASSETS
Cash $50,853
Accounts receivable 42,848
Inventories 40,893
Other current assets 5,891
Total current assets $140,485
Gross fixed assets $1,280,715
Accumulated depreciation (311,960)
Net fixed assets $968,755
Other assets 15,257
Total assets $1,124,497
They also gave us a balance sheet for liabilities and this is where I'm stuck at because I don't know how to find retained earnings
Balance Sheet (Cont'd)
LIABILITIES AND EQUITY
Liabilities
Accounts payable $23789
Short-term notes payable 10852
Total current liabilities $34641
Long-term debt 200037
Total liabilities $234678
Equity
Common stock $490654
Retained earnings (This is where I am stuck) PLEASE EXPLAIN "HOW " you found retained earnings as if explaining it to a kindergardener and don't assume I know these difficult terms. I am a beginner. And I need this explained to me thouroughly. Thank you
Total equity $
Total liabilities and equity $
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