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|Асcount Balance Cash $45,000 Accounts receivable $8,000 Notes payable Raw materials inventory $25,000 $10,000 Common stock $100,000 Work-in-process inventory $15,000 Accounts payable $6,000 Аccount Balance Declared dividends payable $20,000 Finished goods inventory $18,500 Land $30,000 Net building (less depreciation) $72,000 Net equipment (less depreciation) $36,000 Retained earnings ??????

|Асcount Balance Cash $45,000 Accounts receivable $8,000 Notes payable Raw materials inventory $25,000 $10,000 Common stock $100,000 Work-in-process inventory $15,000 Accounts payable $6,000 Аccount Balance Declared dividends payable $20,000 Finished goods inventory $18,500 Land $30,000 Net building (less depreciation) $72,000 Net equipment (less depreciation) $36,000 Retained earnings ??????

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Following is a list of balance sheet accounts for Branman Co. as of December 31, 2018. Solve, a. Classify each of the following accounts as an asset, liability, or net worth. b. What is the balance in the Retained Earnings account if the data forms a valid balance sheet?

|Асcount Balance Cash $45,000 Accounts receivable $8,000 Notes payable Raw materials inventory $25,000 $10,000 Common stock $100,000 Work-in-process inventory $15,000 Accounts payable $6,000 Аccount Balance Declared dividends payable $20,000 Finished goods inventory $18,500 Land $30,000 Net building (less depreciation) $72,000 Net equipment (less depreciation) $36,000 Retained earnings ??????
Transcribed Image Text:|Асcount Balance Cash $45,000 Accounts receivable $8,000 Notes payable Raw materials inventory $25,000 $10,000 Common stock $100,000 Work-in-process inventory $15,000 Accounts payable $6,000 Аccount Balance Declared dividends payable $20,000 Finished goods inventory $18,500 Land $30,000 Net building (less depreciation) $72,000 Net equipment (less depreciation) $36,000 Retained earnings ??????
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