Balance sheet and computation of retained earnings

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Preparation of Balance sheet and computation of Retained Earnings.

From the following accounts and amounts prepare a balance sheet for the Prince Company for December 31, 2007. You must compute the amount for retained earnings to complete the balance sheet.

Accounts Payable

 61,250

Accounts Receivable

70,500

Building

50,000

Capital Stock

50,000

Cash

64,000

Equipment

30,000

Insurance Expense

 5,000

Land

125,000

Notes Payable

 175,000

Sales Revenue

 25,000

Salaries Expense

 20,000

On April 30, 2007, the balance sheet of Japan Collectibles showed total assets of $800,000, total liabilities of $500,000, and owners' equity of $300,000. The following transactions occurred in May of 2007:

(1) Capital stock was issued in exchange for $175,000 cash.

(2) The business purchased equipment for $380,000, paying $180,000 cash and issuing a note payable for $200,000.

(3) The business paid off $80,000 of its accounts payable.

(4) The business collected $64,000 of its accounts receivable.

Reference no: EM1314590

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