Homework Answers
Ans : Let x is retained earnings:
From the below table, Total assets = Total liabilities + common stock + retained earnings
574552 = 477434 +X
X = $ 97,118.
Retained earnings = $ 97,118.
| Assets | $ | Liabilities and shareholders Equity | $ |
| Current assets | Liabilities | ||
| Cash and marketabe securities | 25135 | Accounts payable | 67855 |
| accounts receivable | 43758 | notes payable | 36454 |
| Inventory | 167112 | long term debt | 223125 |
| 236005 | |||
| Total liabilities | 327434 | ||
| Non current assets | |||
| Net fixed assets | 325422 | Common stock | 150000 |
| other assets | 13125 | Retained earnings | x |
| 338547 | |||
| 574552 | Liabilities and shareholders Equity | 477434+X |
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