the company's ending retained eamings. (Enter your answer in millions.) 's ending retained eamings balance is $ 77 million. an Corporation's balance sheet at September 30, 2018. Use a proper heading on the balance sheet. Start with the heading and then complete the assets section of the statement. Finally, complete the liabilities and stockholde e balance sheet by selecting the proper title on all applicable subtotal or total lines. If a box is not used in the table leave the box empty; do not select a label or enter a zero.) Sullivan Corporation Balance Sheet September 30, 2018 ssets (in millions) 76 mble 30 uipment 29 assets 24 ots 159 e 38
the company's ending retained eamings. (Enter your answer in millions.) 's ending retained eamings balance is $ 77 million. an Corporation's balance sheet at September 30, 2018. Use a proper heading on the balance sheet. Start with the heading and then complete the assets section of the statement. Finally, complete the liabilities and stockholde e balance sheet by selecting the proper title on all applicable subtotal or total lines. If a box is not used in the table leave the box empty; do not select a label or enter a zero.) Sullivan Corporation Balance Sheet September 30, 2018 ssets (in millions) 76 mble 30 uipment 29 assets 24 ots 159 e 38
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Sullivan Corporation ended its fiscal year on September 30, 2018, with cash of $76 million, accounts receivable of $30 million, property and equipment of $29 million, and other long-term assets of $24 million. The company's liabilities consist of accounts payable of $38 million and long-term notes payable
of $18 million. Sullivan Corporation has total stockholders' equity of $103 million; of this total, common stock is $26 million. Solve for the company's ending retained eamings and then prepare Sullivan Corporation's balance sheet at September 30, 2018. Use a proper heading on the balance sheet.
Begin by solving for the company's ending retained eamings. (Enter your answer in millions.)
Sullivan Corporation's ending retained eamings balance is $
77 million.
Now prepare Sullivan Corporation's balance sheet at September 30, 2018. Use a proper heading on the balance sheet. Start with the heading and then complete the assets section of the statement. Finally, complete the liabilities and stockholders' equity section of the statement. (Enter all amounts in
milions. Classify the balance sheet by selecting the proper title on all applicable subtotal or total lines. If a box is not used in the table leave the box empty: do not select a label or enter a zero.)
Sullivan Corporation
Balance Sheet
September 30, 2018
Assets
(in millions)
Current assets:
Cash
76
Accounts receivable
30
Property and equipment
Other long-term assets
29
24
Total current assets
159
Accounts payable
38
Long-term notes payable
18
Common stock
26
Total assets
241
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