Homework Answers
Cash = $26,000
Accounts receivable = $21,000
Inventory = $35,000
Equipment = $90,000
Accounts payable = $24,000
Salaries payable = $10,000
Interest payable = $6,000
Notes payable = $40,000
Common stock = $70,000
Total assets = Total liabilities + Stockholders' equity
Cash + Account receivable + Inventory + Equipment = Accounts payable + Salaries payable + Interest payable + Notes payable + Common stock + Retained earnings
26,000 + 21,000 + 35,000 + 90,000 = 24,000 + 10,000 + 6,000 + 40,000 + 70,000 + Retained earning
Retained earning = 26,000 + 21,000 + 35,000 + 90,000 - 24,000 - 10,000 - 6,000 - 40,000 - 70,000
= $22,000
| Retained earnings | $22,000 |
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