Shenika Salon & Spa, Inc. hired a bookkeeper who prepared the following Balance Sheet:
| Assets |
|
|
Liabilities |
|
| Current Assets: |
|
|
Current Liabilities: |
|
| Cash |
$ 31,800 |
|
Accounts payable |
$ 17,470 |
| Accounts receivable |
24,405 |
|
Notes payable |
14,180 |
| Supplies |
2,525 |
|
|
|
| Prepaid insurance |
1,300 |
|
Stockholder's Equity |
|
| Equipment |
13,200 |
|
Common Stock |
30,000 |
| Total Assets |
|
|
Retained Earnings |
|
| |
|
|
Total Stockholder's Equity |
|
| |
|
|
Total Liabilities + Stockholder's Equity |
|
Compute Retained Earnings.