Question: The following data are available for Schubert Products Inc. as of December 31, 2012. Cash . . . . . . . . . .

The following data are available for Schubert Products Inc. as of December 31, 2012.

Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 7,500

Accounts payable . . . . . . . . . . . . . . . . . . . . . . 24,000

Capital stock. . . . . . . . . . . . . . . . . . . . . . . . . . 42,000

Accounts receivable . . . . . . . . . . . . . . . . . . . 20,000

Building . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49,500

Supplies . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000

Retained earnings . . . . . . . . . . . . . . . . . . . . ?

Land. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,000

Required:

1. Prepare a balance sheet for Schubert Products Inc.

2. Determine the amount of retained earnings at December 31, 2012.

3. Interpretive Question: In what way is a balance sheet a depiction of the basic accounting equation?


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