Based on the following balance sheet accounts for X Corporation, what is retained earnings? Explain if...

Based on the following balance sheet accounts for X Corporation, what is retained earnings? Explain if you can
Inventory                           $8,000            Accounts Receivable           $5,000
Cash                                   10,000           Copyright                               6,000
Auto                                     4,000           Capital Stock                        15,000
Machinery                            7,000           Accounts Payable            9,000
Taxes Payable                       3,000          Mortgage Payable              10,000

Expert Solution

Retained earnings = $ 3,000

Notes
Total Asset = Total Liabilities + Stock holders equity
$ 40,000 = $ 22,000 + 15000 + X
Retained earnings X = 40,000-22000-15,000
Retained earnings = $ 3,000

Total Asset
Inventory	$ 8,000
Cash	$ 10,000
Auto	$ 4,000
Machinery	$ 7,000
Accounts receivable	$ 5,000
Copyright	$ 6,000
	$ 40,000
Total Liabilities
Taxes payable	$ 3,000
Accounts payable	$ 9,000
Mortgage payable	$ 10,000
	$ 22,000
Stockholders equity
Capital Stock	$ 15,000
Add: Retained earnings	X

ekkarill92 answered 2 years ago

Based on the Trial Balance below and the Statement of Retained Earnings create a Balance Sheet...

Based on the Trial Balance below and the Statement of Retained Earnings create a Balance Sheet Statement: ACCT # Account Name Debit Credit 1000 Cash $402,575 1030 Treasury Bills $100,000 1031 Municiple Bonds $104,425 1032 Investments $770,500 1210 Accounts Receivable $30,000 1400 Inventory $20,000 1500 Furniture and Fixtures $0 1599 Accumulated Depreciation $30,000 2000 Accounts Payable $40,000 3000 Common Stock $0 3500 Retained Earnings $65,000 4000 Gross Sales $3,900,000 4100 Sales Returns $20,000 5000 Cost of Goods Sold $1,080,000 6000...

Retained Earnings – Are retained earnings on a firm’s current balance sheet indicative of future retained...

Retained Earnings – Are retained earnings on a firm’s current balance sheet indicative of future retained earnings? Consider the source of retained earnings. Include a discussion about the source(s) of retained earnings. How are retained earned calculated (determined)? Requirements: 250 words

Explain the connection between the income statement, the retained earnings statement and the balance sheet.

Preparing Income Statement, Retained Earnings, and Balance Sheet

Prepare the Income Statement and Statement of Retained Earnings for the year 2019.Prepare the classified Balance Sheet as of December 31, 2019. Trademarks were previously acquired for $200,000 on January 1, 2018. Estimated useful life at the time of acquisition was 20 years.In 2019 there was litigation challenging these trademarks brought by a competitor and GeneralProducts successfullydefended these trademarks at a legal cost of $45,000. The new (updated) useful life of the trademarks was estimated to be 25 years from the...

I need the Income Statement, Retained Earnings Statement, and Balance Sheet, based off of this information!...

I need the Income Statement, Retained Earnings Statement, and Balance Sheet, based off of this information! There are five empty slots under the expenses column in the income statement that is especially confusing me. Problem 1-3A On May 1, Sheffield Corp., a company that provides flying lessons, was started by using common stock in exchange for cash of $45,350. Following are the assets and liabilities of the company on May 31, 2019, and the revenues and expenses for the month...

the balance in retained earnings at the end of the year is determined by retained earnings...

the balance in retained earnings at the end of the year is determined by retained earnings balance at the ''beginning of the year: a. plus revenues, minus liabilities b. plus net income, minus dividends c. plus assets, minus liabilities d. plus accounts, minus deferrals

could someone show how to do the retained earnings and balance sheet?

Please create a retained earnings statement, income statement, and a balance sheet for the month of...

Please create a retained earnings statement, income statement, and a balance sheet for the month of December following accounts and their ending balances. Cash (debit) : $37,308.90 Accounts Receivable (debit) : $11,700 Notes Receivable (debit) : $10,000 Interest Receivable (debit) : $41.67 Merchandise Inventory (debit) : $3,150 Prepaid Advertising (debit) : $250 Office Supplies Inventory (debit) : $180 Prepaid Insurance (debit) : $1,100 Land (debit) : $59,500 Equipment (debit) : $12,000 Accumulated Depreciation - Equipment (credit) : $116.66 Accounts Payable...

Prepare an income statement, a retained earnings statement, and a balance sheet for the dental practice...

Prepare an income statement, a retained earnings statement, and a balance sheet for the dental practice of Ted Terner, DDS, Inc. from the items listed below for the month of September. Retained Earnings, September 1 $22,000 Common Stock 20,000 Accounts payable 7,000 Equipment 30,000 Service revenue 25,000 Dividends 6,000 Dental supplies expense 3,500 Cash 6,000 Utilities expense 700 Dental supplies 2,800 Salaries expense 9,000 Accounts receivable 14,000 Rent expense 2,000 TED TERNER, DDS, INC.

How do i find the retained earnings and prepare a balance sheet for the company.

Question