Homework SourseThe companys total assets are 48000 The following is a listi
The company\'s total assets are $48,000. The following is a listing of the company’s accounts and account balances as of December 31, Year 3. This company doesn\'t have any other accounts. Accounts Payable $ 8,900 Accounts Receivable 8,000 Supplies 2,900 Equipment 27,100 Common Stock 15,000 Cash ? Retained Earnings ?
Required: a. Determine the balance of the Cash account. b. Determine the balance of the Retained Earnings account.
Solution
a. Determine the balance of the Cash account
b. Determine the balance of the Retained Earnings account.
| Total assets | 48000 |
| Less: Account receivable | (8000) |
| Less: Supplies | (2900) |
| Less: Equipment | (27100) |
| Cash | 10000 |
