Erin Danielle, the bookkeeper for New York Company, has been trying to get the balance sheet to
Question:
Erin Danielle, the bookkeeper for New York Company, has been trying to get the balance sheet to balance. The company’s balance sheet is shown below.
Instructions
Explain to Erin Danielle in a memo why the original balance sheet is incorrect, and what should be done to correctit.
Transcribed Image Text:
New York Company Balance Sheet For the Month Ended December 31, 2014 Assets Liabilities $22,500 9,000 2,000 (8,000) $25,500 Common stock Accounts receivable Retained earnings Notes payable $23,000 (6,000) (2,000) 0,500 $25,500 Equipment Cash Supplies s payable
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To Erin Danielle From Student I have received the balance sheet of New York Company as of December 3...View the full answer
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Related Book For
Financial and managerial accounting
ISBN: 978-1118016114
1st edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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