Homework Answers
| WORKING NOTES: | |||
| CALCULATION OF CLOSING RETAINED EARNINGS: | |||
| Retained Earnings | $ 36,700 | ||
| Less: Dividend | $ 13,200 | ||
| Closing Retained Earnings | $ 23,500 | ||
| SOLUTION: | |||
| BONITA INDUSTRIES | |||
| BALANCE SHEET | |||
| DECEMBER 31, 2017 | |||
| ASSETS: | |||
| Cash | $ 12,800 | ||
| Account Receivable | $ 17,200 | ||
| Supplies | $ 14,700 | ||
| Equipment | $ 34,800 | ||
| Total Assets | $ 79,500 | ||
| LIABILITIES & SHAREHOLDER'S EQUITY | |||
| Liabilities: | |||
| Account Payable | $ 10,800 | ||
| Shareholder's Equity | |||
| Common Stock | $ 45,200 | ||
| Retained Earnings | $ 23,500 | ||
| Total Stockholder's Equity | $ 68,700 | ||
| Total Liaibilities and Stockhlder's Equity | $ 79,500 | ||
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