Amounts of the assets and liabilities of Torrance Associates Inc., as of December 31, 2014, are given as follows. Also included are revenue and expense figures for the year ended on that date (amounts in millions):

Requirement
Prepare the balance sheet of Torrance Associates Inc. at December 31, 2014. Use the accounting equation to compute ending retained earnings.

Transcribed Image Text:

$ 35 253 290 12 3 Property and equipment, net $4 Total revenue Long-term liabilities Other expenses Cash Retained earnings, beginning. Retained earnings, ending 72 Receivables 73 Current liabilities 14 Common shares 28 Interest e 19 Salary and other employee expense ?Other assets 43