Nickel Industries reported the following amounts on its balance sheet on December 31, 2019: What is the amount of Nickel’s retained earnings at the end of 2019? Cash $180,000 Notes payable 100,000 Inventory 325,000 Contributed Capital 750,000 Net Property, Plant & Equipment 600,000 Accounts Receivable 30,000 Accounts Payable 75,000 Retained Earnings ? Hint for students: What is the amount of Nickel’s total assets at the end of 2019? Identify the items listed above that are liabilities. What is the amount of Nickel’s retained earnings at the end of 2019? Remember: Stockholders’ equity = Contributed Capital + Retained Earnings
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