Balance sheet preparation with a missing element, Financial Accounting

Balance Sheet Preparation with a Missing Element
The following data are available for Schubert Products Inc. as of December 31, 2012.
Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 7,500
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . 24,000
Capital stock. . . . . . . . . . . . . . . . . . . . . . . . . . . 42,000
Accounts receivable . . . . . . . . . . . . . . . . . . . . . 20,000
Building . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49,500
Supplies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000
Retained earnings . . . . . . . . . . . . . . . . . . . . . . . ?
Land. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,000
Required:
1. Prepare a balance sheet for Schubert Products Inc.
2. Determine the amount of retained earnings at December 31, 2012.
3. Interpretive Question: In what way is a balance sheet a depiction of the basic accounting equation?

Posted Date: 2/18/2014 1:10:03 AM | Location : United States







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