Problem 1. Prepare a balance sheet for Schubert Products Inc.
Problem 2. Determine the amount of retained earnings at December 31, 2006
Problem 3. Interpretive Question: In what way is the balance sheet a depiction of the basic accounting equation?
Cash.....................$7,500
Accounts Payable.........24,000
Capital Stock............42,000
Accounts Receivable......20,000
Building.................49,500
Supplies.................2,000
Retained Earnings....... ?
Land.....................20,000