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Homework answers / question archive / At December 31, 2010, the accounting records of Hercules Manufacturing, Inc

At December 31, 2010, the accounting records of Hercules Manufacturing, Inc

Accounting

At December 31, 2010, the accounting records of Hercules Manufacturing, Inc. contain the following items: Accounts $12,000 Accounts $30,000 payable receivable Land $90,000 Cash $7,000 Building $250,000 Equipment ? Notes $135,000 Capital stock 188,000 Payable Retained earnings Question 1. If total assets of Hercules Manufacturing, Inc. are $556,000, Calculate the value of Equipment in the balance sheet. Question 2. If total assets of Hercules Manufacturing, Inc. are $556,000, Calculate the value of retained earnings in the balance sheet.

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1) Total Assets = Land + Building + Accounts receivable + Cash + Equipment

$ 556,000 = $ 90,000 + $ 250,000 + $ 30,000 + $ 7,000 + Equipment

$ 556,000 = $ 377,000 + Equipment

Equipment = $ 556,000 - $ 377,000 = $ 179,000

2) Total Assets = Liabilities + Owner's equity

$ 556,000 = [ Accounts Payable + Note Payable] + [ Capital Stock + Retained Earnings ]

$ 556,000 = [ $ 12,000 + $ 135,000 ] + [ $ 188,000 + Retained earnings ]

$ 556,000 = $ 147,000 + $ 188,000 + Retained earnings

Retained Earnings = $ 556,000 - $ 335,000

Retained earnings = $ 221,000

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