# Balance Sheet and Retained Earnings

Company X had the following accounts and balances in its general ledger at December 31, 20x9.

Cash \$45,000
Accounts Payable \$80,000
Property & Equipment \$200,000
Long Term Debt \$ 60,000
Capital Stock \$150,000
Accounts Receivable \$90,000
Retained Earnings ?
Inventory \$75,000

1. What amount will Company X report on its balance sheet for Total Assests?
I say \$410,000

2. What is Company X's Retained Earnings balance at the end of 20x9?
I say \$270,000

How did I do? I feel lost. Thanks in advance for any help.

 Smith21000 Posts: 72, Reputation: 44 Junior Member #2 Apr 13, 2007, 12:20 PM
Cash 45
A/R 90
Inv 75
PP&E 200
T/A 410 - Good job!

A/P 80
LTD 60
C/S 150
R/E ?
T/ E&L

The balance sheet needs to balance, so I ask you what number does retained earnings need to be in order to balance to total assets of 410?
 deezerdoo Posts: 35, Reputation: 5 Junior Member #3 Apr 16, 2007, 03:27 AM
120,000
 goldenbutterfly Posts: 63, Reputation: 43 Junior Member #4 Apr 16, 2007, 06:39 AM
You're correct
 deezerdoo Posts: 35, Reputation: 5 Junior Member #5 Apr 16, 2007, 08:27 AM
Thanks again

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