The following information is available for Randall Inc.
Accounts receivable $2,400
Cash $6,250
Accounts payable 3,700
Supplies 3,760
Interest payable 580
Unearned service revenue 850
Salaries and wages expense 4,500
Salaries and wages payable 745
Notes payable 31,500
Depreciation expense 670
Common stock 50,700
Equipment (net) 108,200
Inventory 2,840
Using the information above, prepare a balance sheet as of December 31, 2022. (Hint: Solve for the missing retained earnings amount after first determining total assets and total liabilities.) (List assets in order of liquidity.)

Answer:

Retained earning $35,375

Explanation:

Randall Inc.

Balance sheet as of December 31, 2022.

Current assets

Cash $6,250

Accounts receivables $2,400

Inventory $2,840

Supplies $3,760

Fixed asset

Equipment(net) $108,200

Total assets $123,450

Liabilities and Stockholders' equity

Liabilities

Notes payable $31,500

Accounts payable $3,700

Unearned service revenue $850

Salaries and wages payable $745

Interest payable $580

Total liabilities $37,375

Stockholders' equity

Common stock $50,700

*Retained earnings $35,375

Total stockholder's equity $86,075

Total liabilities and stockholder's equity $123,450

*Note: The value for retained earning is gotten by;

Retained earning = Total assets - [Common stock + Total liabilities]

Retained earnings = $123,450 - [$50,700 + $37,375]

Retained earnings = $35,375

Retained earning $35,375

Randall Inc.

Then Balance sheet as of December 31, 2022.

the Current assets are:

Cash $6,250

Accounts receivables $2,400

Inventory $2,840

Supplies $3,760

Equipment(net) $108,200

Total assets $123,450

also, Liabilities and Stockholders' equity

Liabilities

Notes payable $31,500

Accounts payable $3,700

Unearned service revenue $850

Salaries and wages payable $745

Interest payable $580

Then the Total liabilities is $37,375

Stockholders' equity

Common stock $50,700

*Retained earnings $35,375

Then the Total stockholder's equity is $86,075

After that the Total liabilities and stockholder's equity is $123,450

*Note that: The value for retained earning is gotten by;

Then Retained earning is = Total assets - [Common stock + Total liabilities]

After that Retained earnings = $123,450 - [$50,700 + $37,375]

Thus, Retained earnings = $35,375

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