A company has total assets of as December 31, 2018 of $37,000. The company has the...
A company has total assets of as December 31, 2018 of $37,000. The company has the following accounts (12/31/18 balances in parentheses): Cash (Unknown), Accounts Payable ($5,000). Accounts Receivable ($9,000), Supplies ($1,000), Equipment ($22,000), Retained Earnings (Unknown), and Common Stock ($11,000). The company has no other accounts. Solve for cash and Retained Earnings. Show your work.
Homework Answers
total assets=cash+AR+Supplies+equipment
37000=Cash+9000+1000+22000
Cash=(37000-9000-1000-22000)=$5000
Total assets=total liabilities+Total equity
37000=AP+(Retained earnings+Common stock)
37000=5000+Retained earnings+11000
Hence Retained earnings=(37000-5000-11000)=$21000.
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A company has total assets of as December 31, 2018 of $37,000.
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