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..
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Removing the sheet from underneath the client.