PRINTER VERSION BACK NEXT Problem 31 Given the following inf

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 Work

Solution

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