Financial statement elements
Ashville Company was organized by issuing $750 of common stock and by borrowing $450. During the accounting period, the company earned cash revenue of $900 and paid cash expenses of $500. Also during the accounting period, the company purchased land for $1,150.
Required
a. What asset accounts would appear on the company’s balance sheet? What are the balance sheet amounts in these accounts?
b. Determine the percentage of total assets that were provided by investors, creditors, and earnings.
c. How much cash is in the Retained Earnings account?
d. Determine the balance in the Retained Earnings account before and after the temporary accounts are closed.
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