The following balance sheet contains errors. Lopez Services, Inc. Balance Sheet For the Year Ended December 31,
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Question:
The following balance sheet contains errors.
Lopez Services, Inc.
Balance Sheet
For the Year Ended December 31, 20?
Prepare a corrected balance sheet
Transcribed Image Text:
Assets Current assets: Cash Accounts payable Supplies Prepaid insurance Land Total current assets Property, plant, and equipment: Building Equipment Total property, plant, and equipment Total assets $ 6,170 8,500 1,590 345 25,000 $ 45,500 28,250 $ 42,105 73,750 $115,855 Liabilities Current liabilities: Accounts receivable Accum. depr- building Accum. depr- equipment Net income Total liabilities Wages payable Stockholders Equity $ Retained Earnings Total Stockholders' Equity $ Total liabilities and Stockholders' Equity 9,000 13,525 6,340 12,500 $ 40,865 500 10,000 $ 64,490 $115,855 Assets Current assets: Cash Accounts payable Supplies Prepaid insurance Land Total current assets Property, plant, and equipment: Building Equipment Total property, plant, and equipment Total assets $ 6,170 8,500 1,590 345 25,000 $ 45,500 28,250 $ 42,105 73,750 $115,855 Liabilities Current liabilities: Accounts receivable Accum. depr- building Accum. depr- equipment Net income Total liabilities Wages payable Stockholders Equity $ Retained Earnings Total Stockholders' Equity $ Total liabilities and Stockholders' Equity 9,000 13,525 6,340 12,500 $ 40,865 500 10,000 $ 64,490 $115,855
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Lopez Services Inc Balance Sheet For the year ended December 31 20 Asset Li... View the full answer
Related Book For
Principles of Managerial Finance
ISBN: 978-0133507690
14th edition
Authors: Lawrence J. Gitman, Chad J. Zutter
Posted Date:
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