Prepare the correct Balance Sheet only and compute the correct balance for Retained Earnings.
The assistant accountant of Dorman Home Builders prepared the
|
Dorman Home Builders Balance Sheet Month ended July 31, 2013 |
|||
|
Assets |
Liabilities |
||
|
Cash |
$ 2,000 |
|
$ 3,000 |
|
Office Furniture |
1,000 |
Service Revenue |
35,000 |
|
Land |
22,000 |
Salaries Expense |
800 |
|
Advertising Expense |
500 |
Accounts Payable |
8,000 |
|
Office Equipment |
10,000 |
|
|
|
Note Payable |
16,000 |
|
|
|
Rent Expense |
4,000 |
Capital Stock |
7,000 |
|
Total Assets |
$ 55,500 |
Retained Earnings |
1,700 |
|
|
|
Total liabilities + Stockholders’ Equity |
$ 55,500 |
Prepare the correct Balance Sheet only and compute the correct balance for Retained Earnings.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
