Question

The following are the assets and liabilities of Jill Carlson Realty​ Company, as of January ​31, 2018. Also included are​ revenue, expense, and selected​ stockholders' equity figures for the year ended on that date​ (amounts in​ millions):

Answer 1

Complete Question:

Apply the accounting equation; construct a balance sheet) The following are the assets and liabilities of Jill Carlson Realty Company, as of January 31, 2018. Also included are revenue, expense, and selected stockholders' equity figures for the year ended on that date (amounts in millions):

Complete Table is in the attachment given at the end of the answer.

Requirement 1.

Construct the balance sheet of Jill Carlson Realty Company at January 31, 2018. Use the accounting equation to compute ending retained earnings.

Answer:

Balance Sheet of Jill Carlson Realty​ Company, as of January ​31, 2018

ASSETS

Current Assets

Cash                                                                          $57.2

Receivables                                                              $0.5

Non Current Assets

Investment Assets                                                     $79.4

Property, Plant and Equipment                                 $1.6

Other Assets                                                              $9.3    

Total Assets                                                              $148    

LIABILITIES

Current Liabilities                                                      $2.9

Non Current Liabilities                                             $102.6

Total Liabilities                                                         $105.5

EQUITY

Common Stock                                                           $39.2

Closing Retained Earnings (Step1)                            $3.3  

Total Equity                                                                 $42.5

Step 1: Find Closing Retained Earnings

As we know that:

Closing Retained Earnings = Total Assets - Total Liabilities - Common Stock

Here

Total Assets is $148 million

Total liabilities is $105.5 million

Common Stock is $39.2 million

By putting these values in the above equation, we have:

Closing Retained Earnings = $148 million  -  $105.5 million  -  $39.2 million

Closing Retained Earnings = $3.3 million