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The trial balance for K and J Nursery, Inc., listed the following account balances at December...

The trial balance for K and J Nursery, Inc., listed the following account balances at December 31, 2018, the end of its fiscal year: cash, $26,000; accounts receivable, $21,000; inventories, $35,000; equipment (net), $90,000; accounts payable, $24,000; wages payable, $10,000; interest payable, $6,000; note payable (due in 18 months), $40,000; common stock, $70,000.

Prepare a classified balance sheet for K and J Nursery, Inc. The equipment originally cost $165,000. (Amounts to be deducted should be indicated by a minus sign.)

K AND J NURSERY, INC.
Balance Sheet
At December 31, 2018


  

Business   Accounting   
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Answer #1

Retained Earnings = Total Assets - Total Liabilities - Common Stock
Retained Earnings = $172,000 - $80,000 - $70,000
Retained Earnings = $22,000
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