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The following information is taken from the balance sheet of Raineer Plumbing: cash and cash equivalents,...

The following information is taken from the balance sheet of Raineer Plumbing: cash and cash equivalents, $54,000; accounts receivable, $134,000; inventories, ?; total current assets, $305,000; property, plant, and equipment (net), ?; total assets, $540,000; accounts payable, $46,000; note payable (due in two years), $64,000; common stock; $170,000; and retained earnings, ?. Determine the missing amounts.

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Answer #1

total current assets=Cash and cash equivalents+AR+Inventories

Inventories=(305000-54000-134000)=$117,000

Total assets=total current assets+Property,plant and equipment

Property,plant and equipment=(540,000-305000)=$235,000

Total liabilities=AP+Note payable

=(46000+64000)=$110,000

Total assets=Total liabilities+Total equity

540,000=110,000+(Common stock+Retained earnings)

540,000=110,000+170,000+Retained earnings

Retained earnings=540,000-110,000-170,000

=$260,000

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