Homework Answers
Total assets = Liabilities + Stockholders equity.
92,000 = 38,000 + stockholders equity.
Stockholders equity = 92,000 - 38,000
Stocholders equity = 54,000
Stockholders equity = common stock + retained earnings
54,000 = 40,000 + retained earnings.
Retained earnings = 54,000 - 40,000
Retained earnings = $ 14 000.
| BALANCE SHEET |
| DECEMBER 31, 2021 |
| ASSETS | LIABILITIES | ||
| CURRENT ASSETS: | CURRENT LIABILITIES: | ||
| Cash | $ 3,000 | Accounts payable | $ 24,000 |
| Accoints receivable | $ 7,000 | Salaries payable | $ 14,000 |
| Supplies | $ 17,000 | ||
| TOTAL CURRENT ASSETS | $ 27,000 | TOTAL CURRENT LIABILITIES | $ 38,000 |
| LONG TERM ASSETS: | STOCKHOLDERS EQUITY: | ||
| Equipment | $ 100,000 | Common stock | $ 40,000 |
| Accumulated Depreciation | ( $ 35,000) | Retained earnings | $ 14,000 |
| TOTAL STOCKHOLDERS EQUITY | $ 54,000 | ||
| TOTAL ASSETS | $ 92,000 | TOTAL LIABILITIES AND STOCKHOLDERS EQUITY | $ 92,000 |
SUMMARY:
The balance of retained earnings account is $ 14,000 and total of balance sheet side is $ 92,000.
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The December 31, 2021, adjusted trial balance for Fightin' Blue
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Accounts
Debit
Credit
Cash
$
10,600
Accounts Receivable
136,000
Prepaid Rent
4,600
Supplies
23,000
Equipment
260,000
Accumulated Depreciation
$
121,000
Accounts Payable
10,600
Salaries Payable
9,600
Interest Payable
3,600
Notes Payable (due in two years)
26,000
Common Stock
160,000
Retained Earnings
46,000
Service Revenue
360,000
Salaries Expense
260,000
Rent Expense
13,000
Depreciation Expense
26,000
Interest Expense
3,600
Totals
$
736,800
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736,800
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The December 31, 2021, adjusted trial balance for Fightin' Blue
Hens Corporation is presented below.
Accounts
Debit
Credit
Cash
$
10,600
Accounts Receivable
136,000
Prepaid Rent
4,600
Supplies
23,000
Equipment
260,000
Accumulated Depreciation
$
121,000
Accounts Payable
10,600
Salaries Payable
9,600
Interest Payable
3,600
Notes Payable (due in two years)
26,000
Common Stock
160,000
Retained Earnings
46,000
Service Revenue
360,000
Salaries Expense
260,000
Rent Expense
13,000
Depreciation Expense
26,000
Interest Expense
3,600
Totals
$
736,800
$
736,800
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