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

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

120,000

goldenbutterfly

you're correct

deezerdoo

Thanks again