HELP! Use the following information from the balance sheet of Raineer Plumbing to determine the missing amounts.
Homework Answers
determination of missing amounts as under :
| assets | amounts | liabilities and stakeholders fund | amounts | ||
| cash and cash equivalents | $58000 | accounts payable | $50000 | ||
| accounts receivalble | $138000 | notes payable (due in 2 years) | $68000 | ||
| inventory | $129000 | common stock | $170000 | ||
| total current assets | $325000 | $325000 | retained earnings | $292000 | |
| propert, plant and equipment (net) | $255000 | total stakeholders fund | $462000 | $462000 | |
| total assets | $580000 | total liabilities and stakeholders fund | $580000 |
| calculation of following missing amounts as under : | ||
| inventory | total current assets - cash and cash equivalents - account receivable | $325000 - $58000 - $138000 = $129000 |
| propert, plant and equipment (net) | total assets - current assets | $580000 - $325000 = $255000 |
| retained earnings | total liabilities and stakeholders fund - accounts payable - notes payable (due in 2 years) - common stock | $580000 - $50000 - $68000 - $170000 = $292000 |
note : total assets = total liabilities and stakeholders fund
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