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12 February, 14:20

Stockholders' equity of Eden Industries totals $63,000 in combined common stock and retained earnings. Assuming common stock and retained earnings of Eden are equal, how should Eden reflect this on its classified balance sheet?

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  1. 12 February, 16:16
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    Under classified balance sheet, common stock and retained earnings are reported separately

    Explanation:

    Under equity section of balance sheet, common stock and retained earnings are line items i. e they are reported under equity section of balance sheet separately.

    The total of these two should also be separated i. e the total is a line item also. And this forms the total equity provided there are no other line items for the for the period again.
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