Find solution
Why is the production of accounting records important?

Please help with accounting records question?

  • At December 31, 2010, the accounting records of Hercules Manufacturing, Inc. contain the following items: accounts payable - 12K land - 90K building - 250K note payable - 135K retained earnings - ? accounts receivable - 30K cash - 7K equipment - ? capital stock - 188K Refer to the above data. If Retained Earnings at December 31, 2010, is $100,000, Equipment is carried in Hercules Manufacturing, Inc. accounting records at: a. $ 42,000. b. $ 58,000. c. $ 43,500. d. $345,000.

  • Answer:

    Add all liabilities 188 + 100 + 12 + 135 = 435 Deduct given assets from 435 435 - 90 - 250 -30 - 7 = 58 Equipment = $58,000 b) is answer.

lawyer_g... at Yahoo! Answers Visit the source

Was this solution helpful to you?

Related Q & A:

Just Added Q & A:

Find solution

For every problem there is a solution! Proved by Solucija.

  • Got an issue and looking for advice?

  • Ask Solucija to search every corner of the Web for help.

  • Get workable solutions and helpful tips in a moment.

Just ask Solucija about an issue you face and immediately get a list of ready solutions, answers and tips from other Internet users. We always provide the most suitable and complete answer to your question at the top, along with a few good alternatives below.