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Need help on the incorrect entries. Thanks! Comparative balance sheets for 2018 and 2017 and a statement of income for 2018 are given below for
Need help on the incorrect entries. Thanks!
Comparative balance sheets for 2018 and 2017 and a statement of income for 2018 are given below for Metagrobolize Industries Additional information from the accounting records of Metagrobolize also is provided METAGROBOLIZE INDUSTRIES Comparative Balance Sheets December 31, 2018 and 2017 $ in 000s) 2018 2017 Assets Cash Accounts receivable Inventorv Land Building $490 280 300 405 720 708 (300) (260) 2,810 570 728 750 700 Less: Accumulated depreciation Equipment 3,050 (376) Less: Accumulated depreciation Patent 1,1001,309 6,704 $5,915 Liabilities Accounts payable Accrued expenses payable Lease liability-land Shareholders Equity Common stock Paid-in capital-excess of par Retained earnings $ 820 $520 225 0 260 130 2,500 575 2,095 $ 6,704 5,915 2,680 600 2,214 METAGROBOLIZE INDUSTRIES Income Statement For the Year Ended December 31, 2018Step by Step Solution
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