Problem:
From the following accounts and amounts prepare a balance sheet for the King Company for December 31, 2005. 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 100,000
Salaries Expense 46,750
Retained Earnings 53,250
King Company
Balance Sheet
December 31, 2005
Assets Liabilities & Owners' Equity
Liabilities:
Total Liabilities
Stock holders equity:
Total Assets Total Liabilities &
Stockholders Equity