BE $3-2$ Balance sheet classification

The trial balance for K and J Nursery, Inc., listed the following account balances at December

$31,2018,$ the end of its fiscal year: cash, $$16,000$; accounts receivable, $$11,000$; inventories,

$$25,000$; equipment $($net$),$ $$80,000$; accounts payable, $$14,000$; wages payable, $$9,000$; interest

payable, $$1,000$; note payable $($due in $18$ months$),$ $$30,000$; common stock, $$50,000.$ Calculate

total current assets and total current liabilities that would appear in the company's year$-$end

balance sheet.

$52,000$ TCA $16,000+11,000+25,0$

$24,000TCL14,000$

$,9000$

Iclassification $\frac{1000}{24,000}$

BE $3-3$ Balance sheet classification

Refer to the situation described in BE $3-2.$ Determine the year$-$end balance in retained earnings

for K and J Nursery, Inc.

BE $3-7$ Balance sheet preparation; missing elements

The following information is taken from the balance sheet of Raineer Plumbing:

Cash and cash equivalents, $$40,000$

Accounts receivable, $$120,000$

Inventories?

Total current assets, $$235,000$

Common stock; $$100,000$

Determine the missing amounts.

Property, plant, and equipment $($net$)?$

Total assets, $$400,000$

Accounts payable, $$32,000$

Note payable $($due in two years$),$ $$50,000$

Retained earnings $?$