Inventory 6510 Common stock 44990 Cash 16520 Operating expenses 1400 Short-term notes payable 650 Interest expense...

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Inventory 6510 Common stock 44990 Cash 16520 Operating expenses 1400 Short-term notes payable 650 Interest expense...

Inventory	6510
Common stock	44990
Cash	16520
Operating expenses	1400
Short-term notes payable	650
Interest expense	930
Depreciation expense	460
Sales	12720
Accounts receivable	9600
Accounts payable	4830
Long-term debt	54800
Cost of goods sold	5720
Buildings and equipment	122460
Accumulated depreciation	34130
Taxes	1420
General and administrative expense	810
Retained earnings	?

a. How much is the firm's net working capital?

The firm's net working capital is

$27,150

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Belmond, Inc.
Balance Sheet
Cash	$	16,520
Accounts Receivable		9,600
Inventories		6,510
Current Assets	$	32,630
Buildings and Equipment	$	122,460
Less: Accumulated Depreciation		34,130
Net Plant and Equipment	$	88,330
Total Assets	$	120,960

Complete the liabilities and owners' equity part of the balance sheet below: (Select from the drop-down menus and round to the nearest dollar.)

Belmond, Inc.
Balance Sheet (Cont'd)
Accounts Payable	$	4,830
Short-term Notes Payable		650
Current Liabilities	$	5,480
Long-term Debt		54,800
Total Liabilities	$	60,280
Common Stock	$	44,990
Retained Earnings		15,690
Owners' Equity	$	60,680
Total Liabilities and Owners' Equity	$	120,960

GIven all this information i find the returned earnings is equal to $15690, however i am unsure how to calculate this RE value given the data table resented.

I know RE = BRE + Net Income - dividends, but i do not know how to calculate BRE since it is not given.... please help!!

business accounting

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Answer 1

Answer #1


Since we already know the closing retained earning so we can calculate the opening balance of retained earning(brought retained earning) and no information of dividend is given in the question therefore we will ignore the dividend in the question

Cell reference	Particulars	Amount $	Remarks
A=D-B	Brought forward retained earning	13,710	Balancing figure
B	Add:- income for the current year	1,980	Refer income statement
C	Less:- Dividend paid	-	No information in the question
D	Closing Retained earning	15,690	given in the question


For the income for the current period we need to prepare the income statement for the current year


	Income Statement
	Particulars	Amount $
	Sales	12,720

	Expenses
	Cost of goods sold	5,720
	Operating expenses	1,400
	Depreciation expenses	460
	Interest expenses	930
	Taxes	1,420
	General and administrative expenses	810
	Total Expenses	10,740

	Net Income for the current year	1,980

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Answer 2

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