Reference no: EM132482583
(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.