Jane Noonan is the bookkeeper for Wilson Company, Inc. Jane 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.

InstructionsExplain to Jane Noonan 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.

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WILSON COMPANY, INC. Balance Sheet For the Month Ended December 31, 2012 Liabilities and Stockholders' Equity Common stock Accounts receivable Dividends Notes payable Retained earnings Total liabilities and stockholders' equity Assets Equipment Cash Supplies Accounts payable Total assets $18,000 9,000 (6,000) (2,000) (4,000) 10,000 $24,000 $24,000