Prepare a corrected Balance Sheet for Def Jam Enterprises
Not what you're looking for?
Jane is the President of Def Jam Enterprises. Def Jam enterprises began business on January 1, 2008. The company's controller is out of the country on business. Jane needs a copy of the company's balance sheet for a meeting tomorrow and asks her assistant to obtain the required information from the company's records. She presents Jane with the following balance sheet. She asks you to review it for accuracy.
Def Jam Enterprises
Balance Sheet
December 31st, 2008
Assets
Accounts payable 29,600
Building and equipment 177,300
Cash 14,750
Cash dividends paid 16,000
Liabilities and Stockholder's equity
Accounts receivable 23,200
Supplies 12,200
Capital Stock 100,000
Net income for 2008 113,850
Required:
1. Prepare a corrected balance sheet (also can you please explain where the different items go and why).
2. Draft memo explaining the major differences between the balance sheet Jane's assistant prepared and the one you prepared.
Purchase this Solution
Solution Summary
I put your response in Excel and gave you ideas for the memo.
Education
- BSc, University of Virginia
- MSc, University of Virginia
- PhD, Georgia State University
Recent Feedback
- "hey just wanted to know if you used 0% for the risk free rate and if you didn't if you could adjust it please and thank you "
- "Thank, this is more clear to me now."
- "Awesome job! "
- "ty"
- "Great Analysis, thank you so much"
Purchase this Solution
Free BrainMass Quizzes
Marketing Research and Forecasting
The following quiz will assess your ability to identify steps in the marketing research process. Understanding this information will provide fundamental knowledge related to marketing research.
Paradigms and Frameworks of Management Research
This quiz evaluates your understanding of the paradigm-based and epistimological frameworks of research. It is intended for advanced students.
Learning Lean
This quiz will help you understand the basic concepts of Lean.
Balance Sheet
The Fundamental Classified Balance Sheet. What to know to make it easy.
Team Development Strategies
This quiz will assess your knowledge of team-building processes, learning styles, and leadership methods. Team development is essential to creating and maintaining high performing teams.