Lynn Benedict, the bookkeeper for London Company, has been trying to get the statement of financial position

Question:

Lynn Benedict, the bookkeeper for London Company, has been trying to get the statement of financial position to balance. The company€™s statement of financial position is shown below.

Instructions
Explain to Lynn Benedict in a memo why the original statement of financial position is incorrect, and what should be done to correctit.

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Financial accounting

ISBN: 978-1118285909

IFRS Edition

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel

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Question Posted: Mar 11, 2013 06:09 AM

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Lynn Benedict, the bookkeeper for London Company, has been trying to get the statement of financial position

Question:

LONDON COMPANY Statement of Financial Position For the Month Ended December 31, 2011 Assets Liabilities Equipment Cash Supplies £25.500 9.000 2.000 Accounts payable(8.000) 28.500 Share capital ordinary 26.000 Accounts receivabie Retained earnings Notes payable (6.000) (2.000) 0.500 £28.500

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To Lynn Benedict From Student I have received the statement of financial position of London Company ...View the full answer

Financial accounting

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