Reference no: EM132475816

Using the accounting equation preparing a Balance Sheet Amounts of the assets and liabilities of Angelababy Company, as of January 31, 20X6, are given as follows. The revenue and expense ?gures for the year ended on that date (amounts in millions) are also included:

Total revenue                                           $38.8                             Investments                         $15.0

Receivables                                                0.8                      Property and equipment, net            16.6

Current liabilities                                           2.0                        Other expenses                          6.7

Share capital                                               14.3                        Retained earnings, beginning           8.2

Interest expense                                             0.7                       Retained earnings, ending               P

Salary and other employee expenses                    17.5                       Cash                                         2.5

Long-term liabilities                                            3.0                       Other assets                               5.0

Requirement

Question 1. Prepare the Balance Sheet of Angelababy Company at January 31, 20X6. Use the accounting equation to compute ending retained earnings.