Kolander company has the following accounts and balances at the end of the year: long term notes payable $56,000 accounts receivable

Question

Kolander Company has the following accounts and their respective balances at the end of the year:

Long-term notes payable: $56,000  
Accounts receivable: $31,000  
Accounts payable: $38,000  
Building: $57,000  
Cash and cash equivalents: $82,000  
Salaries expense: $124,500  
Common stock: $25,000  
Interest payable: $1,500  
Land: $41,000  
Short-term investments: $7,000  
Income taxes payable: $10,000  
Equipment: $61,500

What is the amount of retained earnings at the end of the year?
a. $60,000
b. $105,500
c. $184,000
d. $165,500

Anonymous · Accepted Answer

$149,000Explanation:The basic accounting equation is; ASSETS = LIABILITIES + CAPITALRetained earnings is the missing figure in order to balance the equation. Salaries Expense will not be considered as it is an Income Statement item and not enough Data is provided to prepare an Income Statement. ASSETS  Building$57,000  Land$41,000  Equipment$61,500  Accounts Receivable$31,000   Short-term investments$7,000  Cash and Cash Equivalents$82,000  Total Assets$279,500    LIABILITIES  Accounts Payable$38,000  Interest Payable$1,500  Income Taxes Payable$10,000  Long Term Notes Payable$56,000  Total Liabilities$105,500    EQUITY  Common Stock$25,000  Retained Earnings$149,000  Total Equity$279,500

Savannah Toy · Answer

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Anonymous · Answer

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Kolander company has the following accounts and balances at the end of the year: long term notes payable $56,000 accounts receivable

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Kolander company has the following accounts and balances at the end of the​ year: long term notes payable $56,000 accounts receivable

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Kolander company has the following accounts and balances at the end of the year: long term notes payable $56,000 accounts receivable