Following are a statement of cash flows (indirect method) for Harris, Inc., for the year ended December

Question:

Following are a statement of cash flows (indirect method) for Harris, Inc., for the year ended December 31, 2017, and the firm's balance sheet at December 31, 2016:

HARRIS, INC.
Balance Sheet
At December 31, 2016
Assets
Cash.................................................... $ 45,000
Accounts receivable.................................. 183,000
Merchandise inventory.............................. 228,030
Total current assets................................... 5456,000
Land.................................................... 102.000
Building................................................ 354,000
Less: Accumulated depredation..................... (216,000)
Total land and buildings.............................. $240,000
Total assets.............................................. $696,000
Liabilities
Accounts payable....................................... 5174,000
Short- term debt......................................... 48,030
Notes payable........................................... 99,000
Total current liabilities................................. $321,000
Long-term debt......................................... 150,000
Stockholders' Equity
Common stock no par................................. $ 60,000
Retained earnings........................................ 165,000
Total stockholders' equity..............................5225,000
Total liabilities and stockholders' equity.............$696,000
Required:
a. Using the preceding information, prepare the balance sheet for Harris, Inc., at December 31, 2017.
b. Prepare a statement of changes in retained earnings for the year ended December 31, 2017.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...