Chapter 15.I, Problem 2TIE

To determine

The balance sheet of Royal Equipment Supply, Inc. for June $30,2016$, if cash account is $\$3,400$, accounts receivables are $\$5,600$, merchandise inventory is $\$98,700$, prepaid insurance is $\$455$, supplies are $\$800$, land and building is $\$147,000$, fixtures are $\$8,600$, delivery vehicles are $\$27,000$, forklift is $\$7,000$, goodwill is $\$10,000$, accounts payables are $\$16,500$, notes payables are $\$10,000$, common stock is $\$185,055$, mortgage payable is $\$67,000$ and retained earnings are $\$30,000$.