Exercise $1-24($Algo$)$ Linking the statement of retained earnings and balance sheet LO P$2$

Mahomes Company reported the following data at the end of its first year of operations on December $31.$a$)$ Prepare its year$-$end statement of retained earnings. Hint: Retained Earnings on January $1$ was $$0.$

$($b$)$ Prepare its year$-$end balance sheet, using retained earnings calculated in part a$.$ Mahomes Company reported the following data at the end of its first year of operations on December $31.$

$($a$)$ Prepare its year$-$end statement of retained earnings. Hint. Retained Earnings on January $1$ was $\backslash$$$0.$

$($b$)$ Prepare its year$-$end balance sheet, using retained earnings calculated in part a$.$

Complete this question by entering your answers in the tabs below.

Required $\backslash ($ A $\backslash )$

Prepare its year$-$end statement of retained earnings. Hint: Retained earnings on January $1$ Prepare its year$-$end balance sheet, using retained earnings calculated in part $\backslash ($ a $\backslash ).$

$\backslash$begin$\{$tabular$\}\{|$c$|$c$|$c$|$c$|$c$|\}$

$\backslash$hline $\backslash$multicolumn$\{5\}\{|$c$|\}\{$MAHOMES COMPANY$\}\backslash \backslash$

$\backslash$hline $\backslash$multicolumn$\{5\}\{|$c$|\}\{$Balance Sheet$\}\backslash \backslash$

$\backslash$hline $\backslash$multicolumn$\{5\}\{|$c$|\}\{$December $31\}\backslash \backslash$

$\backslash$hline $\backslash$multicolumn$\{2\}\{|$l$|\}\{$Assets$\}$ & $\backslash$multicolumn$\{3\}\{|$c$|\}\{$Liabilities$\}\backslash \backslash$

$\backslash$hline Cash & $\backslash$$ $9,500$ & Accounts payable & & $\backslash \backslash$

$\backslash$hline Accounts receivable & $10,500$ & Accounts payable & & $\backslash \backslash$

$\backslash$hline Equipment & $12,500$ & Total equity & & $0\backslash \backslash$

$\backslash$hline Land & $44,500$ & & & $\backslash \backslash$

$\backslash$hline P & & & & $\backslash \backslash$

$\backslash$hline $($ & & & & $\backslash \backslash$

$\backslash$hline & & $$ & & $0\backslash \backslash$

$\backslash$hline Total assets & $\backslash$$ $77,000$ & & $\backslash$$ & $0\backslash \backslash$

$\backslash$hline

$\backslash$end$\{$tabular$\}$