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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