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 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 intrest 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

Dr. Summer Schneider PhD · 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

Dr. Summer Schneider PhD · Answer

Where are the choices? i can try to .

Dr. Summer Schneider PhD · Answer

Alot of credit card rewards

Dillan Pacocha

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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Dillan Pacocha

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