Correcting Balance Sheet
Correct the following balance sheet
Balance Sheet
December 31, 2006
Assets...

Question

Correcting Balance Sheet
Correct the following balance sheet
Balance Sheet
December 31, 2006
Assets Liabilities
and Owners’ Equity
Cash $ 55,000 Buildings       
$325,000
Accounts payable  65,000 Accounts receivable    75,000
Interest receivable 20,000 Mortgage
payable XXXXXXXXXX,000
Capital stock    200,000 Sales revenue      
350,000
Rent expense     60,000 Equipment        
85,000
Retained earnings  145,000 Utilities expense     
5,000
Total liabilities and
Total assets    $545,000 Total liabilities and owner’s
equity $990,000

Ayushi · Accepted Answer

Sheet1
		Solution:
		Correct Balance Sheet:
		Balance Sheet
		as at December 31, 2006
		Liabilities and Owner's Equity			$	Assets			$
		Owner's Equity:				Fixed Assets:
		Retained Earnings			145,000	Building			325,000
		Capital Stock			200,000	Equipment			85,000
		Non Current Liabilities:

Correcting Balance Sheet Correct the following balance sheet Balance Sheet December 31, 2006 Assets Liabilities and Owners’ Equity Cash $ 55,000 Buildings $325,000 Accounts payable 65,000 Accounts...

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