Homework Answers
The reconstructed balance sheet is as below (in T format), Retained earnings is the balancing figure in the balance sheet.
| Liabilities | Amount $ | Assets | Amount $ |
| Common Stock | $60,000.00 | Building | $40,000.00 |
| Retained Earnings | $30,000.00 | Equipment | $30,000.00 |
| Mortgage | $35,000.00 | Inventory | $20,000.00 |
| Accounts payable | $25,000.00 | Accounts Receivable | $10,000.00 |
| Cash | $50,000.00 | ||
| TOTAL | $150,000.00 | TOTAL | $150,000.00 |
Retained earnings = $30,000.
Total Assets = $150,000
Total Liabilities = $60,000
Total Stock holder's Equity = $90,000 (Stock plus retained earnings)
Total Liabilities plus stock holder's equity = $150,000.
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