Use the following information as of December 31,2011 to calculate the amounts of cash and retained earnings.The company's total assets are $36,000.This company doesn't have other accounts.
$$\begin{array} { l r }
\text { Accounts Payable } & \$ 7,000 \
\text { Accounts Receivable } & 8,000 \
\text { Supplies } & 1,000 \
\text { Furniture and Equipment } & 22,000 \
\text { Contributed Capital } & 10,000 \
\text { Cash } & ? \
\text { Retained Earnings } & ?
\end{array}$$

Question

Use the following information as of December 31,2011 to calculate the amounts of cash and retained earnings.The company's total assets are $36,000.This company doesn't have other accounts.
 $$\begin{array} { l r } 
\text { Accounts Payable } & \$ 7,000 \
\text { Accounts Receivable } & 8,000 \
\text { Supplies } & 1,000 \
\text { Furniture and Equipment } & 22,000 \
\text { Contributed Capital } & 10,000 \
\text { Cash } & ? \
\text { Retained Earnings } & ?
\end{array}$$

Quizplus · Accepted Answer

The Answer of Use the following information as of December 31,2011 to calculate the amounts of cash and retained earnings.The company's total assets are $36,000.This company doesn't have other accounts.
 $$\begin{array} { l r } 
\text { Accounts Payable } & \$ 7,000 \
\text { Accounts Receivable } & 8,000 \
\text { Supplies } & 1,000 \
\text { Furniture and Equipment } & 22,000 \
\text { Contributed Capital } & 10,000 \
\text { Cash } & ? \
\text { Retained Earnings } & ?
\end{array}$$

Use the Following Information as of December 31,2011 to Calculate