______________________________________________________
Retained Earnings, August 1 ............................................................................ $25,900
Add: Net income ........................................................................................ 9,100
35,000
Less: Dividends ........................................................................................ 3,000
Retained Earnings, August 31 ............................................................................ $32,000
PIERCE INDUSTRIES
Balance Sheet
August 31, 2022
______________________________________________________
Assets
Cash …..................................................................................................... $18,600
Accounts receivable ........................................................................................ 5,400
Supplies ........................................................................................ 1,400
Buildings................................................................................................... 63,000
Total assets ............................................................................ $88,400
Liabilities and Stockholders’ Equity
Liabilities
Accounts payable $ 1,100
Notes payable 3,300
Total liabilities........................................................................................................................ $4,400
Stockholders’ Equity
Common stock ............................................................................ $52,000
Retained earnings.................................................................................................... 32,000 84,000