Explore BrainMass

Explore BrainMass

    Balance Sheet

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    Mary Close is the bookkeeper for Mendez Company. Mary has been trying to get the
    balance sheet of Mendez Company to balance. Below is a balance sheet but it is not correct and needs to be fixed.
    harmony harris: MENDEZ COMPANY
    Balance Sheet
    December 31, 2008
    Assets Liabilities
    Cash $15,000 Accounts payable $20,000
    Supplies 8,000 Accounts receivable (8,500)
    Equipment 46,000 Common stock 50,000
    Dividends 10,000 Retained earnings 17,500
    Total assets $79,000 Total liabilities and
    stockholders' equity $79,000

    © BrainMass Inc. brainmass.com June 3, 2020, 10:37 pm ad1c9bdddf

    Solution Summary

    This solution describes how to set up and balance a balance sheet.