PRINTER VERSION BACK NEXT Problem 3.1 Given the following information about Elkr
ID: 2822703 • Letter: P
Question
PRINTER VERSION BACK NEXT Problem 3.1 Given the following information about Elkridge Sporting Goods, Inc., construct a balance sheet for June 30, 2013. On that date the firm had cash and marketable securities of $25,135, accounts receivable of $43,758, inventory of $166,600, net fixed assets of $328,600, and other assets of $13,125. It had accounts payables of $67,855, notes payables of $36,454, long- term debt of $223,800, and common stock of $150,000. How much retained earnings did the firm have? Retained earnings Click if you would like to Show Work for this question: Qpen Show WorkExplanation / Answer
Retained Earnings = $99,109
Balance Sheet
Liabilities
Amount ($)
Assets
Amount($)
Common Stock
150,000
Cash and marketable Securities
25,135
Accounts payable
67,855
Accounts Receivables
43,758
Notes Payable
36,454
Inventory
166,600
Long term Debt
223,800
Net Fixed Assets
328,600
Retained Earnings
[Balancing Figure]
99,109
Other Assets
13,125
TOTAL
577,218
TOTAL
577,218
Balance Sheet
Liabilities
Amount ($)
Assets
Amount($)
Common Stock
150,000
Cash and marketable Securities
25,135
Accounts payable
67,855
Accounts Receivables
43,758
Notes Payable
36,454
Inventory
166,600
Long term Debt
223,800
Net Fixed Assets
328,600
Retained Earnings
[Balancing Figure]
99,109
Other Assets
13,125
TOTAL
577,218
TOTAL
577,218
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