Question

how can I slove question #3?

I have tried doing to equation a=l+oe piror to sloving for retained earnings, but I can not get it to be balanced on both sides.

3. National Shops, Inc. reporte December 31, 2016: al Shops, Inc. reported the following amounts on its balance sheet as of A Inventory A = L + E $325.000 L Notes payable 100,000 A Cash 150.000 SE Common stock 750,000 A Net property, plant and equipment 600,000 A Accounts receivable 30,000 L Accounts payable 45,000 SE Retained earnings + Net income -Ovidends - Ending Required: Bosing Reched Songs 1. What is the amount of National's total assets as of December 31, 20162 OSODO 2. Identify the items listed above that are liabilities. $145,000 3. What is the amount of National's retained earnings as of December 31, 2016? 4. Prepare a balance sheet for National at December 31, 2016. retained Ecrinos E1-6 Analyzing Revenues and Expenses and Preparing an Income Statement Assume that you are the owner of Campus Connection, which specializes in items that in At the end of January of the current year, you find (for January only) this information: a Sales, per the cash register tapes, of $150,000, plus one sale on credit (a special situati b. With the help of a friend (who majored in accounting), you determine that all of the goc January cost $70,000 to purchase. E c. During the month, according to the checkbook, you paid $37,000 for salaries, rent, sup ing, and other expenses; however, you have not yet paid the $900 monthly utilities for store and fixtures. Required: On the basis of the data given (disregard income taxes), what was the amount of net incon Show computations. (Hint: A convenient form to use has the following major side cap from Sales, Expenses, and the difference - Net Income.)

Answer 1

Question 3)

1)Total asset =Inventory + cash + Net property plant and equipment + accounts receivable

               = 325000+ 150000+600000+30000

                = 1,105,000

2)

note payable	100000
Accounts payable	45000
Total liabilities	145000

3)

Total equity = total asset -total liabilities

        = 1,105,000 - 145,000

        = 960,000

Total equity = common stock + retained earning

960000            = 750000+ Retained earning

Retained earning = 960000 -750000

                   = 210000

4)

NATIONAL SHOPS INC BALANCE SHEET AS ON DECEMBER 31 2016
ASSETS
Cash	150000
Accounts receivable	30000
Inventory	325000
Total current asset	505000
Net property plant and equipment	600000
Total asset	1,105,000
LIABILITIES AND STOCKHOLDERS EQUITY
Accounts payable	45000
Notes payable	100000
Total liabilities	145000
Stockholders equity
Common stock	750000
Retained earning	210000
Total stockholders equity	960000
Total liabilities and stockholders equity	1,105,000