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Listed in random order are the items to be included in the balance sheet of Rocky Mountain Lodge at December 31, year 1.
Equipment $47,040
Buildings $600,000
Land 510,000
Capital stock 162,000
Accounts payable 65,760
Cash 37,680
Accounts receivable 12,720
Furnishings 70,440
Salaries payable 40,200
Snowmobiles 18,480
Interest payable 14,400
Notes payable 744,000
Retained earnings ?
Required:
Question a-1. Compute the amount to be shown for retained earnings.
Question a-2. Make a balance sheet at December 31, year 1
Question b. Assume that no payment is due on the notes payable until year 3. Does this balance sheet indicate that the company is in a strong financial position as of December 31, year 1?
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