Question

help me with common stock and retained earnings only please, i got those wrong

Comprehensive Problem 3
Part 5:

Note: You must complete parts 1, 2, 3, and 4 of this comprehensive problem before completing part 5.

Based on the following information and the post-closing trial balance that follows, prepare a balance sheet in report form at December 31 of the current year:

The merchandise inventory is stated at cost by the LIFO method.
The product warranty payable is a current liability.
Vacation pay payable:
Current liability		$7,140
Long-term liability		3,360
The unfunded pension liability is a long-term liability.
Notes payable:
Current liability		$ 70,000
Long-term liability		630,000

Kornett Company Post-Closing Trial Balance December 31, 20Y5
Account Title	Debit Balances	Credit Balances
Petty Cash	4,500
Cash	243,960
Notes Receivable	100,000
Accounts Receivable	470,000
Allowance for Doubtful Accounts		16,000
Inventory	320,000
Interest Receivable	1,875
Prepaid Insurance	45,640
Office Supplies	13,400
Land	654,925
Buildings	900,000
Accumulated Depreciation—Buildings		36,000
Office Equipment	246,000
Accumulated Depreciation—Office Equipment		44,000
Store Equipment	112,000
Accumulated Depreciation—Store Equipment		5,000
Mineral Rights	546,000
Accumulated Depletion		30,000
Patents	42,000
Social Security Tax Payable		25,470
Medicare Tax Payable		4,710
Employees Federal Income Tax Payable		40,000
State Unemployment Tax Payable		270
Federal Unemployment Tax Payable		40
Salaries Payable		157,000
Accounts Payable		131,600
Interest Payable		28,000
Product Warranty Payable		76,000
Vacation Pay Payable		10,500
Unfunded Pension Liability		50,700
Notes Payable		700,000
Common Stock		500,000
Retained Earnings		1,845,010
	3,700,300	3,700,300

Comprehensive Problem 3 Part 5: Note: You must complete parts 1, 2, 3, and 4 of this comprehensive problem before completing part 5. Based on the following information and the post-closing trial balance that follows, prepare a balance sheet in report form at December 31 of the current year: The merchandise inventory is stated at cost by the LIFO method. The product warranty payable is a current liability. Vacation pay payable: Current liability $7,140 Long-term liability 3,360 The unfunded pension liability is a long-term liability. Notes payable: Current liability $ 70,000 Long-term liability 630,000 Kornett Company Post-Closing Trial Balance December 31, 2045 Account Title Debit Balances Credit Balances 4,500 Petty Cash

Answer 1

Common Stock	$       500,000.00
Retained Earnings	$   1,845,010.00
Total Stockholder's Equity		$ 2,345,010.00

Since no other details are provided in the question, so amounts of Common stock and retained earnings would be as mentioned in post closing trial balance. Post closing trial balance is prepared after considering all adjustment.