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AceStudy.Financial AccountingMy account
Balance sheet & transactions

Module 2

Balance sheet & transactions

Merel BV closes its books on 31 December. Fill the three blanks so the balance sheet balances.

  1. 1. Add the assets. Cash + inventory + equipment → total assets.
  2. 2. Find retained earnings. RE = total assets − liabilities − common stock. That is the plug.
  3. 3. Check both sides. Total liabilities & equity must equal total assets.
Amount
Assets
Cash4,200
Inventory8,100
Equipment9,700
Total assets
Liabilities & equity
Accounts payable3,600
Bank loan7,400
Common stock5,000
Retained earnings
Total liabilities & equity
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