Question: P1-64B (Learning Objectives 3, 4, 5: Using the accounting equation; preparing a balance sheet; making decisions) The manager of News Maker, Inc, prepared the company's
P1-64B (Learning Objectives 3, 4, 5: Using the accounting equation; preparing a balance sheet; making decisions) The manager of News Maker, Inc, prepared the company's balance sheet whlle the accountant was ill. The balance sheet contains numerous errors In paricular the manager knew that the balance sbeet should balance, so he plugged in the shareholders' equity amount needed to achieve this balance. The shareholders' equity amount is not correct. All other amounts are accuate. Blanc Sheet For tbc.Mon Assets Linbilitics 100Notes rab14,500 qun3900 Accous peyable 4000 Interest expense . - ofice su 1,600 900 1,700 400 82,000 Salary exgens4,500 Accounts roceivable.3,400 Noxe payable$5,000 Tocal - .. 75,400 Uhilities expens Advertising expensc... Shareholders Equity Shareholders equiry63202 6139,100Total liabilisie
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