Lynn Close is the bookkeeper for Sanculi Company. Lynn has been trying to get the balance sheet of Sanculi Company to balance. Sanculi's balance sheet is as follows.

Instructions Prepare a correct balance sheet.

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SANCULI COMPANY Balance Sheet December 31, 2006 Assets Liabilities Cash $16,500 Accounts payable $20,000 Supplies 8,000 Accounts receivable (8,500) Equipment 46,000 Common stock 50,000 Dividends 8,500 Retained earnings 17,500 Total assets $79,000 Total liabilities and stockholders' equity $79,000