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recolded will be adjusting entre total is total assets is 55,000 and and retained ???? ?? ????? ?? 35 ?? ????
recolded will be adjusting entre total is total assets is 55,000 and and retained ???? ?? ????? ?? 35 ?? ????
Expert Solution
Answer
Assets = Liabilities + Shareholders equity
Shareholders equity = Common stock + Retained earnings
Given Assets = $ 55000; Liabilities = $ 40000; Retained earnings = $ 5000
$ 55000 = $ 40000 + Common Stock + $ 5000
Common stock = $ 55000 - $ 40000 - $ 5000
Common Stock = $ 10000
|
Date |
Accounts |
Debit |
Credit |
|
Assets Common Stock Liabilities Retained Earnings |
$ 55000 |
$ 10000 $ 40000 $ 5000 |
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