Problem
CalcTech has $930,000 in current assets and $320,000 in fixed assets less $108,000 in accumulated depreciation. The firm's current liabilities total $350,000, and the long-term liabilities $185,000.
(a) What is the firm's equity?
(b) If the firm's stock and capital surplus total $402,000, what is the value for retained earnings?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.