Diane Wynne is the bookkeeper for Bates Company, Inc. Diane has been trying to get the company's
Question:
Diane Wynne is the bookkeeper for Bates Company, Inc. Diane has been trying to get the company's balance sheet to balance. She finally got it to balance, but she still isn't sure that it is correct.
Instructions
Explain to Diane Wynne in a memo (a) The purpose of a balance sheet, and (b) Why this balance sheet is incorrect and what she should do to correctit.
Transcribed Image Text:
BATES COMPANY, ING Balance Sheet For the Month Ended December 31, 2010 Liabilities and Stockholders' Equity Common stock Accounts receivable Dividends Notes payable Retained earnings Total liabilities and Assets Equipment Cash Supplies Accounts payable Total assets $20,500 10,500 2,000 5.000) $28,000 12,000 (6,000) (2,000) 14,000 10,000 stockholders equity $28,000
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To Diane Wynne From Student I have received the balance sheet of Bates Company Inc as of December 31 ...View the full answer
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Related Book For
Financial Accounting Tools for Business Decision Making
ISBN: 978-0470239803
5th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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