3. The following information is taken from the balance sheet of Raineer Pumbling: cash and cash...
3. The following information is taken from the balance sheet of Raineer Pumbling:
cash and cash equivalents: $51,000
accounts receivable: $131,000
inventories: ?
total current assets: $290,000
property, plant, and equipment (net): ?
total assets: $510,000
accounts payable: $43,000
note payable (due in two years): $61,000
common stock: $140,000
retained earnings: ?
Determine the missing amounts.
Homework Answers
total current assets=cash and cash equivalents+AR+inventory
290,000=51000+131000+inventory
inventory=(290,000-51000-131000)=$108,000
total assets:=total current assets+property, plant, and equipment
property, plant, and equipment=(510000-290,000)=$220,000
Total liabilities=AP+Note payable
=(43000+61000)=$104000
Total assets=Total liabilities+Total equity
510000=104000+(Common stock+Retained earnings)
Retained earnings=(510,000-104000-140,000)
=$266,000
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