Question

presented below are a numbers of balance sheet items for pearl, inc. for the current me at 2020
Goodwill 127340 payroll taxes payable 179931 bonds Payable 302340 discount bond payable 15490 cash 362340 land 482340 notes receivable 448040 Note Payable to bank 267340 accounts payable 492340 retained earnings ? income taxes receivable 99970 note payable long term 1602340 accumulated depreciation equipment 292490 inventory 242140 rent payable short term 47340 income taxes payable a 100702 rent payable long term 482340 common stock $1 par value 202340 preferred stock $10 par value 152340 prepaid expenses 90260 equipment 1472340 debt investment trading 123340 accumulated depreciation buildings 270690 bildins 1642340. prepare a classified balance sheet in good form. common stock authorized was 400000 shares and preferred stock authorized was 20000 shares. Assume that notes receivable and notes payable are short term, unless stated otherwise

how do you find the retained earnings

cost and fair value if debt investments (trading) are the same

how do you calculate the retained earnings

Answer 1

PEARL INC
BALANCE SHEET
December 31, 2020
ASSETS
Current assets
Cash			362,340.00
Debt Investments			123,340.00
Notes Receivable			448,040.00
Income tax Receivable			99,970.00
Inventories			242,140.00
Prepaid Expense			90,260.00
Total Current Assets			1,366,090.00
Property, plant, and equipment
Land		482,340.00
Buildings	1,642,340.00
Less : Accumulated depreciation buildings	-     270,690.00	1,371,650.00
Equipment	1,472,340.00
Less:accumulated depreciation equipment	-     292,490.00	1,179,850.00	3,033,840.00
Intangible assets
Goodwill			127,340.00
Total Assets			4,527,270.00
Liabilities and Stockholder’s Equity
Current Liabilities
Accounts Payable			492,340.00
Notes Payable			267,340.00
Payroll taxes Payable			179,931.00
Income tax Payable			100,702.00
Rent Payable			47,340.00
Total Current Liabilities			1,087,653.00
Long-term liabilities
Notes Payable		1,602,340.00
Bonds Payable	302,340.00
Less: Discount on Bonds Payable	-       15,490.00	286,850.00
Rent Payable		482,340.00	2,371,530.00
Total liabilities			3,459,183.00
Stockholders’ equity
Capital stock
Preferred Stock		152,340.00
Common Stock		202,340.00	354,680.00
Retained Earnings			713,407.00
Total Stockholders' Equity			1,068,087.00
Total Liabilities and Stockholders' Equity			4,527,270.00