Homework SourseRequired SolutionRetained earnings is computed as follows Re
Required:
Solution
Retained earnings is computed as follows:
Retained earnings, beginning balance = 30000
Add net income = 20200
Deduct dividend = 3300
Retained earnings, ending balance = 46900
CASH = Balancing figure
| Some Company | ||
| Budgeted Balance sheet | ||
| Assets | ||
| Current Assets | ||
| Cash | 18300 | |
| Accounts Receivable | 9400 | |
| Supplies Inventory | 3200 | |
| Total current Assets | 30900 | |
| Plant and equipment: | ||
| Equipment | 40500 | |
| Accumulated depreciation | (16400) | |
| Plant and equipment, net | 24100 | |
| Total assets | 55000 | |
| Liabilities and Stockholders\' Equity | ||
| Current liabilities: | ||
| Accounts payable | 3100 | |
| Stockholders\' Equity: | ||
| Common stock | 5000 | |
| Retained earnings | 46900 | |
| Total Stockholder\'s equity | 51900 | |
| Total liabilities and stockholders\'Equity | 55000 |
