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E 2-24 Balance Sheet Relationships Correct the following balance sheet Canfield Corporation Balance Sheet December 31, 2009 Cash---------------------$55,000 Building--------------------------$325,000 Accounts payable----65,000 Accounts receivable------------75,000 Interest receivable20,000
E 2-24 Balance Sheet Relationships Correct the following balance sheet Canfield Corporation Balance Sheet December 31, 2009 Cash---------------------$55,000 Building--------------------------$325,000 Accounts payable----65,000 Accounts receivable------------75,000 Interest receivable20,000 Mortgage payable--------------150,000 Rent expense----------60,000 Sales revenue--------------------350,000 Retained earnings-.145,000 Utilities expense-------------------5,000 Total liabilities Total assets----------$545,000 and owners equity $990,000
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