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Question 3) Dave McGrady is the bookkeeper for Lumpkin Company. Dave has been trying to get the balance sheet of Lumpkin Company to balance.
Question 3) Dave McGrady is the bookkeeper for Lumpkin Company. Dave has been trying to get the balance sheet of Lumpkin Company to balance. It finally balanced, but now he's not sure it is correct. Lumpkin Company Balance Sheet December 31, 2021 Assets Liabilities and Stockholders' Equity Equipment $130,000 Common stock $126,750 Supplies 30,875 Accounts receivable (39,000) Cash 58,500 Accounts payable 55,250 Dividends 26.070 Retained earnings 102,445 Total Assets $245,445 Total liabilities & stockholders' equity $245.445 Instructions (in color): Prepare a correct balance sheet in good form (as shown in class).
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