The following data are available for Schubert Products Inc. as of December 31, 2012. Cash . .
Question:
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?
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
Step by Step Answer:
1 Schubert Products Inc Balance Sheet December 31 2012 Assets Cash 7500 Accounts receivable 20000 Su...View the full answer
Accounting concepts and applications
ISBN: 978-0538745482
11th Edition
Authors: Albrecht Stice, Stice Swain
