Question

What is Total Liabilities and Stockholders' Equity as of December 31, 2017?

Matthews Company Adjusted Trial Balance December 31, 2017 DEBIT CREDIT Cash Accounts Receivable Allowance for Doubtful Accounts Short term Note Receivable Interest Receivable Supplies Inventory Prepaid Expenses Equipment Accumulated Depreciation Copyrights Accounts Payable Interest Payable Unearned Revenue Long Term Note Payable Common Stock Paid-in-Capital In Excess of Par CS Retained Earnings (1/1/17) Dividends Sales Sales Returns& Allowances Sales Discounts Cost of Goods Sold Bad debt expense Depreciaion Expense Amortization Expense Wages Expense Rent Expense Office Expense Supplies Expense Selling Expense Interest Expense Interest Revenue Income Tax xpense Totals 8,000 4,005 340 500 100 80 2,000 150 4,000 1,800 400 450 15 150 1,200 5,300 700 3,000 2,500 41,830 30 75 24,500 80 150 90 4,550 1,700 800 250 580 100 335 480 55,120 55,120

Answer 1

Liabilities and shareholder Equit Current liabilities: Accounts payable Interest payable Unearned Revenue Total current liabilties Long term liabilities: Long term notes payable Total liabilities Shareholder's Equi Common stock Paid in capital in excess of par- CS Retained earnings Total shareholders equit Total Current and long term liabilities 450 15 150 615 1200 1815 5300 700 9280 15280 17095

Working notes for retained earnings:

Income statement Sales Less: sales returns Sales Discount Net Sales Less: Cost of goods sold Gross profit Interest revenue Total Revenue Bad debt expenses Depreciation Expenses Amortization expenses Wages expenses Rent expenses Office expenses 41830 30 75 41725 24500 17225 335 17560 80 150 90 4550 1700 800 250 580 100 480 upplies expenses Selling expenses Interest expenses Income tax expenses Total Expenses Net Income 8780 8780

Retained earning statement Beginning retained earnings Add: Net Income Sub total Less: Dividend Ending retained earnings 3000 8780 11780 2500 9280