Prepare a Balance Sheet similar to the one demonstrated in Chapter 2. Not all accounts listed may be used in the correct solution to this problem You must solve for Retained Earnings Cash Revenue Accounts Receivable Supply Inventory Supply Expense Accounts Payable Current portion of long term debt Fixed Assets Insurance reserves Long Term debt Accrued Liabilities Payroll Expense Retained Earnings $50,000,000.00 $12,000,000.00 $11,000,000.00 $13,000,000.00 $32,000,000.00 $10,200,000.00 $11,100,000.00 $85,000,000.00 $20,000,000.00 $25,000,000.00 $14,000,000.00 $32,900,000.00 ????????

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Question 3
Prepare a Balance Sheet similar to the one demonstrated in Chapter 2.
Not all accounts listed may be used in the correct solution to this problem
You must solve for Retained Earnings
Cash
Revenue
Accounts Receivable
Supply Inventory
Supply Expense
Accounts Payable
Current portion of long term debt
Fixed Assets
Insurance reserves
Long Term debt
Accrued Liabilities
Payroll Expense
Retained Earnings
???
$50,000,000.00
$12,000,000.00
$11,000,000.00
$13,000,000.00
$32,000,000.00
$10,200,000.00
$11,100,000.00
$85,000,000.00
$20,000,000.00
$25,000,000.00
$14,000,000.00
$32,900,000.00
???????
Transcribed Image Text:Question 3 Prepare a Balance Sheet similar to the one demonstrated in Chapter 2. Not all accounts listed may be used in the correct solution to this problem You must solve for Retained Earnings Cash Revenue Accounts Receivable Supply Inventory Supply Expense Accounts Payable Current portion of long term debt Fixed Assets Insurance reserves Long Term debt Accrued Liabilities Payroll Expense Retained Earnings ??? $50,000,000.00 $12,000,000.00 $11,000,000.00 $13,000,000.00 $32,000,000.00 $10,200,000.00 $11,100,000.00 $85,000,000.00 $20,000,000.00 $25,000,000.00 $14,000,000.00 $32,900,000.00 ???????
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