Question: Balance Sheet Preparation with a Missing Element The following data are available for Schubert Products Inc. as of December 31, 2012. Cash . . .

Balance Sheet Preparation with a Missing Element The following data are available for Schubert Products Inc. as of December 31, 2012. Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 7,500 Accounts payable . . . . . . . . . . . . . . . . . . . . . . . 24,000 Capital stock. . . . . . . . . . . . . . . . . . . . . . . . . . . 42,000 Accounts receivable . . . . . . . . . . . . . . . . . . . . . 20,000 Building . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49,500 Supplies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000 Retained earnings . . . . . . . . . . . . . . . . . . . . . . . ? Land. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,000 Required: 1. Prepare a balance sheet for Schubert Products Inc. 2. Determine the amount of retained earnings at December 31, 2012. 3. Interpretive Question: In what way is a balance sheet a depiction of the basic accounting equation?

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