Question

W S1-15 (similar to) Question Help Tommer Corporation ended its fiscal year on September 30, 2018, with cash of $70 million, accounts receivable of $22 million, property and equipment of $33 million, and other long-term assets of $23 milion. The company's liabilities consist of accounts payable of $33 million and long-term nolos payable of $20 million. Tommer Corporation has total stockholders' equity of $05 million of this total, common stock is $25 million. Solve for the company's ending retained earnings and then prepare Tommor Corporation's balance sheet at September 30, 2018. Use a proper heading on the balance sheet 70 million Bogin by solving for the company's ending retained earnings. (Enter your answer in milions.) Tommer Corporation's ending retained earnings balance is $ Now prepare Tommer Corporation's balance sheet at September 30, 2018. Use a proper heading on the balance sheet. Start with the heading and then complete the assets section of the statement. Finally, complete the liabilities and stockholders' equity section of the statement (Enter all amounts in millions. Classify the balance shoot by selecting the proper title on all applicable subtotal or total lines. If a box is not used in the table leave the box emply, do not select a label or enter a zero.) Tommer Corporation Balance Sheet September 30, 2018 Acents fin millions milions

Answer 1

1.

Ending retained earnings = Total stockholders equity - Common stock

Ending retained earnings = $95 - 25 = $70 million

2.

Tommer Corporation Balance Sheet September 30, 2018
Assets	(in millions)
Current assets:
Cash	$70
Accounts receivable	22
Total current assets	92
Property and equipment	33
Other long term assets	23
Total assets	148
Liabilities
Current liabilities:
Accounts payable	33
Total current liabilities	33
Long term notes payable	20
Stockholders equity:
Common stock	25
Retained earnings	70
Total stockholders equity	95
Total liabilities and stockholders equity	$148