Question: Construct a Balance Sheet for Sophie's Sofas given the following data. What is the shareholders equity? (10 Marks) Cash Balance - $ 10,000 Inventory of

Construct a Balance Sheet for Sophie's Sofas given the following data. What is the shareholders equity? (10 Marks) Cash Balance - $ 10,000 Inventory of Sofas - $200,000 Store & Property- $100,000 Accounts Receivables - $22,000 Accounts Payables - $17,000 Long Term Debt - $170,000 If Common Shares are valued at $100. 000 what is the Retained Earnings?

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