Homework Answers
Answer:
| Balance Sheet | |||
| Assets | Liabilities and stockholders' equity | ||
| Current assets: | Current liabilities: | ||
| Cash | $5,000 | Accounts payable | $26,000 |
| Accounts receivable | $9,000 | Salaries payable | $16,000 |
| Supplies | $19,000 | Total liabilities | $42,000 |
| Total current assets | $33,000 | ||
| Property,plant, and equipment: | Stockholders' equity: | ||
| Equipment | $120,000 | Common stock | $60,000 |
| (less): Accumulated depreciation | ($45,000) | Retained earnings | $6,000 |
| Property,plant, and equipment-net | $75,000 | Total stockholders' equity | $66,000 |
| Total Assets | $108,000 | Total liabilities and stockholders' equity | $108,000 |
Calculation of Retained earnings:
Total assets = Total liabilities and stockholders' equity
Total liabilities and stockholders' equity = Total liabilities + Total stockholders' equity
$108,000 = $42,000 + Total stockholders' equity
Total stockholders' equity = $108,000 - $42,000
Total stockholders' equity = $66,000
Common stock + Retained earnings = $66,000
$60,000 + Retained earnings = $66,000
Retained earnings = $66,000 - $60,000
Retained earnings = $6,000
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