Question

The balance sheet items of Kiner Company as of December 31, current year, follow in random order.

Land	$	90,000	Office equipment	$	10,000
Accounts payable		50,000	Building		240,000
Accounts receivable		50,000	Capital stock		75,000
Cash		30,000	Notes payable		210,000
			Retained earnings		?

a. Compute the amount for Retained earnings.

b. Prepare a balance sheet for the company.

Complete this question by entering your answers in the tabs below.

Required A

Required B

Compute the amount for Retained earnings.

Retained earnings

Required A

Complete this question by entering your answers in the tabs below.

Required A

Required B

Compute the amount for Retained earnings.

Prepare a balance sheet for the company.

KINER COMPANY
Balance Sheet
December 31, Current Year
Assets		Liabilities & Owners' Equity
		Liabilities:
		Total liabilities	$0
		Owners’ equity:
Total	$0	Total	$0

The balance

Answer 1

				Debit	Credit
	land			90,000
	Accounts payable				50,000
	Accounts receivable			50,000
	Cash			30,000
	office Equipment			10,000
	Building			240,000
	Capital Stock				75,000
	Notes payable				210,000
	retained earnings				85,000
	total			420,000	420,000
1)	Retained earnings			85,000
2)			Balance sheet
	Assets				liabilities
	Cash			30,000	Accounts payable			50,000
	Account receivable			50,000	Notes payable			210,000
					total liabilities			260,000
	land			90,000	oWner's Equity
	office Equipment			10,000	Capital Stock			75,000
	Building			240,000	Retained earnings			85,000
	total			420,000	Total			420,000