Question: A friend of yours recently started a small business and
A friend of yours recently started a small business and he’s prepared a balance sheet at the end of the first year. He’s puzzled because the balance sheet doesn’t balance and he isn’t sure why. Examine the balance sheet below and make any corrections needed. Your friend also said there were a couple of items he didn’t know what to do with: deposits from customers (the cash received was included in the cash balance)—$2,000;equipment—$18,000.
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