The bookkeeper for Careless Company accidentally pressed the wrong computer key and erased the amount of Retained Earnings. You have been asked to analyze the following data and provide some key numbers for the board of directors meeting, which is to take place in 30 minutes. With the exception of Retained Earnings, the following account balances are available at December 31, 2003.
|
Cash. . |
$122,000 |
Accounts Receivable |
$98,000 |
|
Furniture (net) . . |
80,000 |
Inventory |
320,000 |
|
Accounts Payable |
240,000 |
Notes Payable |
500,000 |
|
Land. |
520,000 |
Supplies on Hand |
20,000 |
|
Buildings (net) . . |
480,000 |
Capital Stock . |
600,000 |
|
Sales Revenue . . |
830,000 |
Dividends . . . |
40,000 |
|
Salaries Expense |
100,000 |
Retained Earnings |
? |
|
Cost of Goods Sold |
440,000 |
1. Compute the amount of total assets at December 31, 2003.
2. Compute the amount of net income for the year ended December 31, 2003.
3. After all closing entries are made, what is the amount of Retained Earnings at December 31, 2003?
4. What was the beginning Retained Earnings balance at January 1, 2003?