Question
The company's total assets are $36,000. The following is a listing of the company's accounts and account balances as of December 31, Year 3. This
The company's total assets are $36,000. The following is a listing of the company's accounts and account balances as of December 31, Year 3. This company doesn't have any other accounts.
| Accounts Payable | $ | 7,000 |
|
| Accounts Receivable |
| 8,000 |
|
| Supplies |
| 1,000 |
|
| Equipment |
| 22,000 |
|
| Common Stock |
| 10,000 |
|
| Cash |
| Unknown |
|
| Retained Earnings |
| Unknown |
|
Required:
Part a. Determine the balance of the Cash account.
Part b. Determine the balance of the Retained Earnings account.
You may complete this question by using formulas. Tables are not required until and unless necessary.
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Accounting Tools for Business Decision Making
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
6th edition
1118096894, 978-1-11921511, 978-1118096895
