Determine the amount of retained earnings at december 31

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Reference no: EM13480096

Balance Sheet Preparation with a Missing Element
The following data are available for Schubert Products Inc. as of December 31, 2012.

  1. Cash  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $  7,500
  2. Accounts payable . . . . . . . . . . . . . . . . . . . . . . . 24,000
  3. Capital stock. . . . . . . . . . . . . . . . . . . . . . . . . . . 42,000
  4. Accounts receivable  . . . . . . . . . . . . . . . . . . . . . 20,000
  5. Building  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49,500
  6. Supplies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000
  7. Retained earnings . . . . . . . . . . . . . . . . . . . . . . .       ?      
  8. 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?

Reference no: EM13480096

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