Harbor City Corporation's end-of-year balance sheet consisted of the following amounts: Cash $ 15,000 Accounts receivable...

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Harbor City Corporation's end-of-year balance sheet consisted of the following amounts: Cash $ 15,000 Accounts receivable...

Harbor City Corporation's end-of-year balance sheet consisted of the following amounts:

Cash	$ 15,000	Accounts receivable	$50,000
Property, plant, and equipment	70,000	Long-term debt	40,000
Capital stock	100,000	Accounts payable	20,000
Retained earnings	?	Inventory	35,000

What is Harbor City's retained earnings balance at the end of the current year?

business accounting

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Answer 1

Answer #1

Answer

	Assets:
	Cash	$15,000
	P,P & E	$70,000
	Accounts receivables	$50,000
	Inventory	$35,000
A	Total Assets	$170,000

	Liabilities:
	Accounts payable	$20,000
	Long Term Debt	$40,000
B	Total Liabilities	$60,000

C	Capital Stock	$100,000

D = A - B - C	Retained Earnings	$10,000	Answer

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Answer 2

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