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2 years ago

14

The balance sheet items of Kiner company as of December 31, current year, follow in random order

1 answer:

liberstina [14]2 years ago

6 0

Retained Earnings = $86,000

Accounting Equation…Assets= Liabilities + Owners Equity

Assets (Cash, acct rec, equipment, building, land) = $421,000

Liabilities (Notes payable, accounts payable)= $260,000

Equity (capital stock) = $75,000

Liabilities + Equity= $335,000

Retained Earnings flows into equity

$421,000-$335,000= $86,000

$335,000+86,000= $421,000

So the equation balances.

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