- 3. Consider the balance sheet of Wilkes Industries as shown below. Because Wilkes has $800,000 of retained earnings, the company would be able to pay cash to buy an asset with a cost of $200,000. Cash Inventory Accounts receivable Total CA Net fixed assets Total assets $ 50,000 200,000 250,000 $ 500.000 $ 900,000 $1.400.000 Accounts payable Accruals Total CL Debt Common stock Retained earnings Total L & E $ 100,000 100,000 $ 200,000 200,000 200,000 800,000 $1.400.000

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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is