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