Question: I am having problems figuring out the retained earnings based on the following information from the trial balance. I need to put the figured retained
I am having problems figuring out the retained earnings based on the following information from the trial balance. I need to put the figured retained earnings on a balance sheet.
Presented below is the trial balance of Scott Butler Corporation at December 31, 2017.
| Debit | Credit | |||
| Cash | $ 197,000 | |||
| Sales | $ 8,100,000 | |||
| Debt Investments (trading) (cost, $145,000) | 153,000 | |||
| Cost of Goods Sold | 4,800,000 | |||
| Debt Investments (long-term) | 299,000 | |||
| Equity Investments (long-term) | 277,000 | |||
| Notes Payable (short-term) | 90,000 | |||
| Accounts Payable | 455,000 | |||
| Selling Expenses | 2,000,000 | |||
| Investment Revenue | 63,000 | |||
| Land | 260,000 | |||
| Buildings | 1,040,000 | |||
| Dividends Payable | 136,000 | |||
| Accrued Liabilities | 96,000 | |||
| Accounts Receivable | 435,000 | |||
| Accumulated Depreciation-Buildings | 152,000 | |||
| Allowance for Doubtful Accounts | 25,000 | |||
| Administrative Expenses | 900,000 | |||
| Interest Expense | 211,000 | |||
| Inventory | 597,000 | |||
| Gain (extraordinary) | 80,000 | |||
| Notes Payable (long-term) | 900,000 | |||
| Equipment | 600,000 | |||
| Bonds Payable | 1,000,000 | |||
| Accumulated Depreciation-Equipment | 60,000 | |||
| Franchises | 160,000 | |||
| Common Stock ($5 par) | 1,000,000 | |||
| Treasury Stock | 191,000 | |||
| Patents | 195,000 | |||
| Retained Earnings | 78,000 | |||
| Paid-in Capital in Excess of Par |
| 80,000 | ||
| Totals | $12,315,000 | $12,315,000 |
Prepare a balance sheet at December 31, 2017, for Scott Butler Corporation. (Ignore income taxes).
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
