Robyn Howser is the bookkeeper for Madison Company. Robyn has been trying to determine the correct balance sheet for Madison Company, shown as follows.

Instructions

Prepare a correct balance sheet.

Transcribed Image Text:

Madison Company Balance Sheet December 31, 2022 Assets. Liabilities. $14,000 . Accounts payable Cash $15,000 3,000 . Accounts receivable Supplies (8,500) Equipment 48,000 . Common stock $65,000 , Retained earnings 50,000 Total 8,500 assets Total liabilities and stockholdolders' equity $65,000