3. National Shops, Inc. reported the following amounts on its balance sheet as of December 31,...

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3. National Shops, Inc. reported the following amounts on its balance sheet as of December 31, 2016: Inventory Notes payable Cash Common stock S325,000 100,000 150,000 750,000 Net property, plant and equipment 600,000 Accounts receivable Accounts payable Retained earnings 30,000 45,000 Required: 1. What is the amount of Nationals total assets as of December 31, 2016? 2. Identify the items listed above that are liabilities. 3. What is the amount of Nationals retained earnings as of December 31, 2016? 4. Prepare a balance sheet for National at December 31, 2016.

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Answer 1

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Solution 1) Total Assets 1105000 Solution 2) Liabilities Notes Payable Account Payable Solution 3) Reatined Earning Total Assets Total liabilities Equity Common stock Retained Earning 1105000 750000 210000

ioluiion A) Balancesheet Liabilities Assets 750000 Inventory Common Stock Retained Earning210000 Cash150000 Notes Payable Account Payable 325000 600000 45000 Account Receivable 30000 1105000 1105000

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3. National Shops, Inc. reported the following amounts on its balance sheet as of December 31,...

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