Chapter 1, Problem 1.25AE

LO 3,4

(Learning Objectives 3, 4: Apply the accounting equation; construct a balance sheet) The following are the assets and liabilities of Jill Carlson Realty Company, as of January 31, 2018. Also included are revenue, expense, and selected stockholders equity figures for the year ended on that date (amounts in millions):

Total revenue…………	$ 25.7	Investment assets(long term)….…..	$ 79.4
Receivables…………..	0.5	Property and equipment, net………	1.6
Current liabilities…….	2.9	Other expenses…….	7.6
Common stock……….	39.2	Retained earnings, beginning……	2.6
Interest expense………	1.5	Retained earnings, ending……	?
Salary and other employee expenses…	13.7	Cash………	57.2
Long-term liabilities…….	102.6	Other assets(long-term)……	9.3

Requirement

1. 1. Construct the balance sheet of Jill Carlson Really Company at January 31, 2018. Use the accounting equation to compute ending retained earnings