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

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