Question
Thompson Corporation ended its fiscal year on September 30, 2016, with cash of $ 74 million, accounts receivable of $ 29 million, property and equipment
Thompson Corporation ended its fiscal year on September 30, 2016, with cash of $ 74 million, accounts receivable of $ 29 million, property and equipment of $32 million, and other long-term assets of $18 million. The company's liabilities consist of accounts payable of $32 million and long-term notes payable of $20 million. Thompson Corporation has total stockholders' equity of $101 million; of this total, common stock is $35 million. Solve for the company's ending retained earnings and then prepare Thompson Corporation's balance sheet at September 30, 2016 Use a proper heading on the balance sheet.
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