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Given the following information about Elkridge Sporting Goods, Inc., construct a balance sheet for June 30,...

Given the following information about Elkridge Sporting Goods, Inc., construct a balance sheet for June 30, 2017. On that date the firm had cash and marketable securities and accounts receivable totaling 28,764, inventory of 162,391, net fixed assets of 331,346, and other assets of 15,419. It had accounts payables and notes payable totaling 169,257, long-term debt of 177,202, and common stock of 112,991. How much retained earnings did the firm have? Round to whole numbers

Solutions

Expert Solution

Retained Earnings = Total assets - (Total liabilities + Common Stock)

Total assets =

Cash and marketable securities and accounts receivable $ 28,764

Inventory = $162,391

Net fixed assets = $ 331,346

Other assets = $ 15,419

Total assets = $537,920

Total liabilities = ($169,257 +177,202) = $346,459

Retained Earnings = Total assets - (Total liabilities + Common Stock)

Retained Earnings = $537,920 - ($346,459 + $112,991)

Retained Earnings = $78,470

So, the firm have $78,470 of retained earnings


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