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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
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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
jeff jeffy answered 2 months agoRelated Solutions
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