Author Question: Consider the balance sheet of Wilkes Industries as shown below. Wilkes has $1,200,000 in common ... (Read 52 times)

agstelzer01 · **on:** Aug 7, 2023

Consider the balance sheet of Wilkes Industries as shown below. Wilkes has $1,200,000 in common equity. As a result, which of the following can we state regarding Wilkes?

Cash	$ 150,000	Accounts payable	$ 100,000
Inventory	200,000	Accruals	100,000
Accounts receivable	250,000	Total current liabilities	200,000
Total current assets	600,000	Debt	200,000
Net fixed assets	1,000,000	Common shares	300,000
		Retained earnings	900,000
Total assets	$1,600,000	Total liab. and equity	$1,600,000

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25% of Wilkes’ shareholders’ equity comes from accumulated profitable earnings of prior years’ operations.

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75% of Wilkes’ shareholders’ equity comes from issuing more shares.

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19.75% of Wilkes’ shareholders’ equity comes from issuing more shares.

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75% of Wilkes’ shareholders’ equity comes from accumulated profitable earnings of prior years’ operations..

senorfranco · **Reply #1 on:** Aug 7, 2023

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