Mary Burke Banking Company_Balance Sheet



Amounts of the assets and liabilities of Mary Burke Banking Company, as of August 31, 2012, are given as follows. Also included are revenue and expense figures for the year ended on that date (amounts in millions):

Total revenue = $ 31.4
Receivables= 0.3
Current liabilities = 155.4
Common stock = 14.2
Interest expense =0.1
Salary and other employee expenses = 17.4
Long-term liabilities = 2.6
Investment assets = $169.3
Property and equipment, net = 1.6
Other expenses = 6.6
Retained earnings, beginning = 9.3
Retained earnings, ending = ?
Cash= 2.8
Other assets=14.2
Construct the balance sheet of Mary Burke Banking Company at August 31, 2012. Use the accounting equation to compute ending retained earnings.


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