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Given the following information about Carla Vista Sporting Goods, Inc
Given the following information about Carla Vista Sporting Goods, Inc., construct a balance sheet for June 30, 2017. On that date the firm had cash and marketable securities of $25,135, accounts receivables of $43,758, inventory of $166,600, net fixed assets of $320,100, and other assets of $13,125. It had accounts payables of $67,855, notes payables of $36,454, long-term debt of $224,700, and common stock of $150,000. How much retained earnings did the firm have?
Expert Solution
Total assets = Cash and marketable securities + Accounts receivable + Inventory + Net fixed assets + Other assets
= $25,135 + $43,758 + $166,600 + $320,100 + $13,125
= $568,718
Total liabilities = Accounts payable + Notes payable + Long term debt
= $67,855 + $36,454 + $224,700
= $329,009
Total assets =Total liabilities +Total equity
$568,718 = $329,009 + (Common stock + Retained earnings)
Retained earnings = $568,718 - $329,009 - $150,000
= $89,709
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