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Vesnalui [34]
3 years ago
14

The balance sheet items of Kiner company as of December 31, current year, follow in random order

Business
1 answer:
liberstina [14]3 years ago
6 0
Retained Earnings = $86,000

Accounting Equation…Assets= Liabilities + Owners Equity

Assets (Cash, acct rec, equipment, building, land) = $421,000

Liabilities (Notes payable, accounts payable)= $260,000

Equity (capital stock) = $75,000

Liabilities + Equity= $335,000

Retained Earnings flows into equity

$421,000-$335,000= $86,000

$335,000+86,000= $421,000

So the equation balances.
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Answer:

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BE16.11 (LO 4) Tomba Corporation had 300,000 shares of common stock outstanding on January 1, 2020. On May 1, Tomba issued 30,00
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Answer

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<u>True</u>

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