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ID: 2426565 • Letter: M
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mework.aspx?homeworkld-339348248&questionld; 4&flushed; false&cld; https://www.mathxd.com/St MyAccountingLab® lomework: Chapter 1 Homework P1-44A (book/static) Exercise Score: 0 of 1 pt Assignment Score: 66.67% (4 of 6 pts) 4 of 6 complete The bookkeeper of Greener Landscaping prepared the company's balance sheet while the accountant was ill. The balance sheet contains numerous errors. In particular, the bookkeeper knew that the balance sheet should balance, so he plugged in the retained earnings amount needed to achieve this balance. The retained earnings is incorrect. All other amounts are right, but some are out of place or not included in this statement. Prepare a corrected balance sheet. (Leave any unused cels blank.) Data (Click the icon to view the incorrect balance sheet.) Greener Landscaping Balance Sheet November 30, 2014 Assets Cash Office Land Salari Office Notes Rent E Liabilities 4.90Accounts Payable 2, 24 26,90 Office Supplies 600 Notes Payable 34,200 Total Lablites 2,200 6,100 Common Stock Stockholders' Equity Office Furniture Retained Earnings Total Stockholders' Equity 16 Total Assets 48,000 Total Liabilities and Stocknolders' Equity Total A Choose from any list or enter any number in the input fields, then click Check Answer V Check Answer MacBook AirExplanation / Answer
Balance sheet of Greener Landscaping
Assets:
Cash 4900
Land 34200
Office Furniture 6100
Accounts Receivable 2200
Total Assets 47400
Liabilites
Accounts Payable 2700
Notes Payable 24200
Stockholders Equity:
Common Stock 5000
Retained Earning(B/F) 15500
Total Liabilities 47400
Notes:
1. Office Supplies is not an asset. It is expense so should be debited to Income ans Loss Statement.
2. Bookkeeper entered wrong amount of Retained Earning to tally the Balance Sheet.
So, correct amount of Retained Earning is 15500 as it is the balancing figure.
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