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27 February, 21:48

Corporation ended its fiscal year on September 30, 2018 , with cash of $ 81 million, accounts receivable of $ 21 million, property and equipment of $ 29 million, and other long-term assets of $ 17 million. The company's liabilities consist of accounts payable of $ 30 million and long-term notes payable of $ 18 million. Terrance Corporation has total stockholders' equity of $ 100 million; of this total, common stock is $ 34 million. Solve for the company's ending retained earnings and then prepare Terrance Corporation's balance sheet at September 30, 2018. Use a proper heading on the balance sheet.

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  1. 27 February, 21:51
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    Retained Earnings = Total Stockholders Equity - Common stock = 100-34 = 66 Million

    Terrance Corporation

    Balance Sheet as at September 30, 2018

    Millions Millions

    Assets

    Non Current Assets

    Property and Equipment $29

    Long term Assets $17

    Total Non Current Assets $46

    Current Asset

    Cash $81

    Account Receivable $21

    Total Current Assets $102

    Total Assets $148

    Equity and Liabilities

    Equity

    Common Stock $34

    Retained Earning $66

    Total Stockholder's Equity $100

    Liabilities

    Non Current Liabilities

    Long Term Note Payable $18

    Current Liabilities

    Account Payable $30

    Total Liabilities $48

    Total Equity and Liabilities $148
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