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Problem Following is the Trial Balance of MCU Inc. for the fiscal year ended on October 3 1 , 2 0 2 0 . Unit
Problem
Following is the Trial Balance of MCU Inc. for the fiscal year ended on October Unit in millions.
tableDebit,CreditCashMarketable securities shorttermAccounts receivable, net,InventoriesOther current assets,Longterm investment,Property plant and equipment, net,Other noncurrent assets,Accounts payable,,Other current liabilities,,Deferred revenue,,Shortterm debt,,Longterm debt,,Other noncurrent liabilities,,Common stock,,Retained earnings,,DividendsNet sales,,Other income,,Cost of goods sold,Research and development expense,tableSelling general and administrativeexpenseIncome tax expense,Total
Instructions:
Use the trial balance of MCU Inc. for the fiscal year ended on October to prepare a classified balance sheet. The ending retained earnings balance for October is $
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