Mike Paul is the bookkeeper for Benelli Company. Mike has been trying to get the balance sheet of Benelli Company to balance. It finally balanced, but now he€™s not sure it is correct.

Instructions
Prepare a correct balancesheet.

Transcribed Image Text:

BENELLI COMPANY Balance Sheet December 31, 2010 Liabilities and Stockholders' Equit Accounts payable Accounts receivable Common stock Retained earnings Total liabilities and Assets Cash Supplies Equipment Dividends Total assets $20,500 9,500 40,000 8,000 $78,000 16,000 (12,000) 40,000 34,000 stockholders' equity 78,000