While Jon Lune was on a business trip, he asked Abby Simpson, the bookkeeper for Lune Co., to try to complete a balance sheet for the year ended December 31, 2022. Abby, who had been on the job only two months, submitted the following:

1. Help Abby fix and complete the balance sheet.
2. What written recommendations would you make about the bookkeeper?
3. Suppose that (a) Jon Lune invested an additional $20,000 in cash as well as additional desks with a value of $8,000 and (b) Lune Co. bought a car for $6,000, paying $2,000 down and issuing a note payable for the balance.

Prepare an updated balance sheet. Assume that these two transactions occurred on January 4 of the next year.

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Building Land Notes Payable Cash I Lune, Capital LUNE CO. FOR THE YEAR ENDED DECEMBER 31, 2022 $4460000 Accounts Payable 7293500 Accounts Receivable 7532800 Auto 1001600 Desks $5004900 Total Equity $12760400 104 33700 1426800 68 2500. $2500 3400