Question: E1-33B. (Learning Objectives 3, 4: Using the accounting equation; preparing a BalanceLO Sheet) Amounts of the assets and liabilities of Bobbyboy Company, as of May
E1-33B. (Learning Objectives 3, 4: Using the accounting equation; preparing a BalanceLO Sheet) Amounts of the assets and liabilities of Bobbyboy Company, as of May 31, 20X6, are given as follows. Also included are revenue and expense figures for the year ended on that date (amounts in millions): Total revenue Receivables. 34.0 Investments ....uneuncss 0.2 Property and equipment, net. 18.0 6.8 9.3 Share capital.. Interest expensc Salary and other employee expenses... 15.5 Cash Long-term liabilities.. 6.0 Other expenses 0.2 Retained earnings, ending 2.3 Other assets.. ... 2.5 5.0 Requirement 1. Prepare the Balance Sheet of Bobbyboy Company at May 31. 20x6. Use the accounting equation to compute ending retained earnings
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