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3 years ago

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The following account balances appear in the 2018 adjusted trial balance of Blue Devils Corporation: Cash, $4,800; Accounts Rece

ivable, $8,800; Supplies, $18,800; Equipment, $118,000; Accumulated Depreciation, $44,000; Accounts Payable, $25,800; Salaries Payable, $15,800; Common Stock, $58,000; and Retained Earnings. Prepare the December 31, 2018, classified balance sheet including the correct balance for retained earnings.

1 answer:

lbvjy [14]3 years ago

8 0

Answer:

Cash 4,800

Accounts Receivable 8,800

Supplies 18,800

Total Current 32,200

Equipment 118,000

Acc Depreciation (44,000)

Total non-current 74,000

Total assets 106,200

Accounts Payable 25,800

Salaries Payable 15,800

Total Liabilities 41,600

Common Stock 58,000

Retained Earnins 6,400

<em>Total Equity 64,600</em>

Total Assets + Liab 106,200

Explanation:

We solve this by appling the basic accounting equation:

Assets = Liabilties + Equity

First we solve for total assets.

Then we solve for the total amount of equity

and finally we clear for retained earnigns.

Cash 4,800

Accounts Receivable 8,800

Supplies 18,800

Total Current 32,200

Equipment 118,000

Acc Depreciation (44,000)

Total non-current 74,000

Total assets 106,200

Accounts Payable 25,800

Salaries Payable 15,800

Total Liabilities 41,600

Common Stock 58,000

Retained Earnins (64,600 - 58,000) = 6,400

<em>Total Equity (106,200 - 41,600) = 64,600</em>

Total Assets + Liab 106,200

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If 7000 dollars is invested in a bank account at an interest rate of 7 per cent per year, Find the amount in the bank after 14 y

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Explanation:

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Now to calculate each on the compounding periods one after the other:

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