123 3 9 | 10 | 11 | 12 13 14 15 16 20 21 22 23 Question 3 Balance Sheet For the First Quarter Ended March 31, 0007 ASSETS Current Assets Cash 10,109 1,554 Credit card receivables Accounts receivable Inventories Prepaid expenses Total Current Assets 7,225 $ 23,570 Property Plant & Equipment $ 80,000 Land $712,800 (186 400 $26,400 83,455 Building Less: Accumulated Depreciation Equipment Less: Accumulated Depreciation Furnishings Less: Accumulated depreciation Net Property Plant & Equipment Other assets $119,080 35.625 $64.120 11.875) 52.245 $742.100 $ 1.780 China and Tableware Glassware Total other assets Glassware 2.620 Total other assets Total assets $777,070 $ 5,070 Liabilities & Stockholders' Equity Current Liabilities Accounts payable Accrued expenses payable pavable Income taxes payable Curgent portion of mortgage payable Total Current Liabilities 2,900 8,770 13.030 $ 29,770 Long-term Liabilities Mortgage payable Total Liabilities $406.800 $436,570 Stockholders' Equity Capital Stock $152.000 Retained earnings Total Stockholders' Equity Total Liabilities & Stockholders' Equity $340.500 $777.070 Complete the above Balance sheet by calculating the missing numbers Explain where retained earnings come from under Owners' Equity