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The following account balances appear in the 2021 adjusted trial balance of Blue Devils Corporation: Cash, $3,000; Accounts RLVVILUVVIVI VINTIVI Balance Sheet December 31, 2021 Assets Liabilities Current assets: Current liabilities: Cash $ $ 24,000 3

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Answer #1

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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