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    deezerdoo's Avatar
    deezerdoo Posts: 34, Reputation: 2
    Junior Member
    		  
    #1

    Apr 13, 2007, 11:41 AM
    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's Avatar
    Smith21000 Posts: 69, Reputation: 9
    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's Avatar
    deezerdoo Posts: 34, Reputation: 2
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    #3

    Apr 16, 2007, 03:27 AM
    120,000
    goldenbutterfly's Avatar
    goldenbutterfly Posts: 63, Reputation: 8
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    #4

    Apr 16, 2007, 06:39 AM
    You're correct
    deezerdoo's Avatar
    deezerdoo Posts: 34, Reputation: 2
    Junior Member
    		  
    #5

    Apr 16, 2007, 08:27 AM
    Thanks again
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