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Prepare a corrected balance sheet for Eric's Bike Shop, Inc.

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Problem #3

A friend of yours has prepared the following balance sheet for his bicycle shop but it has a problem. He thought his total assets did not reflect the assets available to the firm. He has asked you to take a look at his balance sheet and help him out.

(see data in attached file)

Required:
a) Prepare a corrected balance sheet for Eric's Bike Shop, Inc.
b) Draft a memo to Eric explaining the errors you corrected. Include your reasons.

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https://brainmass.com/business/financial-statements/corrected-balance-sheet-erics-bike-shop-inc-79788

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Provides a corrected balance sheet for Eric's Bike Shop Inc.

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