John Doe is the bookkeeper for Mendez Company. Mary has been trying to get the balance sheet of Gomez Company. John has been trying to get the balance sheet of Gomez Company to balance.
January 1, 2007
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
Prepare a correct balance sheet.
The solution goes into a great amount of detail regarding the question being asked. Step by step explanation is provided for each part of the question which makes it very easy to follow along for anyone with just a basic understanding of the concepts. Overall, an excellent response to the question being asked.