Given the following information about Elkridge Sporting Goods, Inc., construct a balance sheet for June 30,...
Given the following information about Elkridge Sporting Goods, Inc., construct a balance sheet for June 30, 2013. On that date the firm had cash and marketable securities of $25,135, accounts receivable of $43,758, inventory of $170,000, net fixed assets of $329,600, and other assets of $13,125. It had accounts payables of $67,855, notes payables of $36,454, long-term debt of $223,600, and common stock of $150,000. How much retained earnings did the firm have? Retained earnings??
Homework Answers
| Total assets = 25135+43758+170000+329600+13125 = | $ 5,81,618 |
| Total liabilities = 67855+36454+223600 = | $ 3,27,909 |
| Per the accounting equation | |
| Total assets = Total liabilities + Equity | |
| Substituting values we have | |
| 581618 = 327909+Equity | |
| Equity = 581618-327909 = | $ 2,53,709 |
| Equity = Common stock+Retained earnings | |
| 253709 = 150000+Retained earnings | |
| Retained earnings = 253709-150000 = | $ 1,03,709 |
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Given the following information about Elkridge Sporting Goods,
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