Question

3.1 Balance sheet: Given the following information about Elkridge Sporting Goods, Inc., construct a balance sheet for June 30, 2017. On that date the firm had cash and marketable securities of $25,135, accounts receivable of $43,758, inventory of $167,112, net fixed assets of $325,422, and other assets of $13,125. It had accounts payables of $67,855, notes payables of $36,454, long-term debt of $223,125, and common stock of $150,000. How much retained earnings did the firm have

Answer 1

Answer:

Retained earnings is  $97,118.00  

Explanation:

The retained earning is the difference between the total assets on one side and the total of liabilities plus common stock on the other hand.

In the balance sheet, the retained earnings in the balancing figure between the assets side and the liabilities side

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