The following information is available for Randall Inc. Accounts receivable $2,400
Cash $6,250
Accounts payable 3,700
Supplies 3,760
Interest payable 580
Unearned service revenue 850
Salaries and wages expense 4,500
Salaries and wages payable 745
Notes payable 31,500
Depreciation expense 670
Common stock 50,700
Equipment (net) 108,200
Inventory 2,840
Using the information above, prepare a balance sheet as of December 31, 2022. (Hint: Solve for the missing retained earnings amount after first determining total assets and total liabilities.) (List assets in order of liquidity.)

Retained earning $35,375

Explanation:

Randall Inc.

Balance sheet as of December 31, 2022.

Current assets

Cash $6,250

Accounts receivables $2,400

Inventory $2,840

Supplies $3,760

Fixed asset

Equipment(net) $108,200

Total assets $123,450

Liabilities and Stockholders' equity

Liabilities

Notes payable $31,500

Accounts payable $3,700

Unearned service revenue $850

Salaries and wages payable $745

Interest payable $580

Total liabilities $37,375

Stockholders' equity

Common stock $50,700

*Retained earnings $35,375

Total stockholder's equity $86,075

Total liabilities and stockholder's equity $123,450

*Note: The value for retained earning is gotten by;

Retained earning = Total assets - [Common stock + Total liabilities]

Retained earnings = $123,450 - [$50,700 + $37,375]

Retained earnings = $35,375

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know