Question

- The accumulated deprecation for 2017 is $188,700

Complete the balance sheet for 2016 : (Round to the nearest dollar.)

Help me solve the rest of this problem!

-k: Homework #1 Mich 10 of 12 (12 complete) ar to) data from the following financi 0 Data Table nciation for 2017 is $ 188,700 heet for 2016: (Round to the ne Balar (Click on the following icon in order to copy its contents into a spreadsheet.) Partial Income Statement Year Ending 2017 Sales revenue $350,100 Cost of goods sold $141.900 Fixed costs $43.200 Selling, general, and administrative expenses $28.200 Depreciation $46.200 $11 $21 $4 s 91 $36 Siation (-) $14 $8 (Click on the following icon in order to copy its contents into a spreadsheet.) Partial Balance Sheet 12/31/2016 ASSETS LIABILITIES Cash $16,100 Notes payable Accounts receivable $27.900 Accounts payable Inventories $47.900 Long-term debt Fixed assets $368,100 OWNERS' EQUITY Accumulated depreciation (-) $142,500 Retained earnings Intangible assets $81,800 Common stock $13,800 $18,800 $190,100 399 $131,800 (Click on the following icon in order to copy its contents into a spreadsheet.) Partial Balance Sheet 12/31/2017 edit fields and then click CH Print Done

Answer 1

The total of the assets side must always equal the total side of liabiltiies and stockholders equity

Total side of assets = 399300

Hence total liabilities + owner equity = 399300

Total liabilities = Current liabilities + Long term debt

= 32600 + 190100

= 222700

Total owner equity = Total liabilities and owner equity - total liabilities

= 399300 - 222700

= 176600

Total owner equity = Common stock + Retained earnings

176600 = 131800 + Retained earnings

Retained earnings = 176600 - 131800

= 44800

Hence in the given balance sheet, the missing figures are:

Retained earnings = 44800

Total liabilities and owner equity = 399300