what is the balnce sheet?

P1-50. While Jon Lune was on a business trip, he asked Abby Stowe, the bookkeeper for Preparing accurate balance sheets Lune Co., to try to complete a balance sheet for the year ended December 31, 90(30 min) 2019. Abby, who had been on the job only two months, submitted the following: LUNE CO. Cine Fagan FOR THE YEAR ENDED DECEMBER JI, 2019 J. Lune, Capital $50,049 Accounts Papble $127 60 40D Land 72 9 3 5 40 Accounts Receivable 104 3 37 60 Notes Parable 75 32 8 09 Ama 14 268 20 10 0 1 6 04 Desks J. Lone, Capital 6 6 2 500 5 50 0 4 908 Toual Equity 8250 0 3 4 00 1. Help Abby fix as well as complete the balance sheet. 2. What written recommendations would you make about the bookkeeper? Should she be retained? 3. Suppose that (a) Jon Lune invested an additional $20,000 in cash as well as additional desks with a value of 58,000 and (b) Lune Co. bought a car for 56,000, paying $2,000 down and issuing a note for the balance. Prepare an updated balance sheet. Assume that these two transactions occurred on January 4 of the next year. 314 950 wollot ery pen nosushot (IC