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Would someone please help? I am not sure what is wrong with my calculations. The bookkeeper of Pine Acres Landscaping prepared the company's balance sheet
Would someone please help? I am not sure what is wrong with my calculations.
The bookkeeper of Pine Acres Landscaping prepared the company's balance sheet while the accountant was ill. The balance sheet contains numerous errors. In particular, the bookkeeper knew that the balance sheet should balance, so he plugged in the retained earnings amount needed to achieve this balance. The retained earnings is incorrect. All other amounts are correct, but some are out of place or should not be included in this statement. Prepare a corrected balance sheet. (If a box is not used in the table leave the box empty; do not select a label or enter a zero.) (Click the icon to view the incorrect balance sheet.) * Data Table - X Pine Acres Landscaping Balance Sheet Year Ended March 31, 2018 Assets Liabilities Cash 5,000|| Notes Payable 2,300 Accounts Payable Total Liabilities 200 | Total 27800 Assets Accounts Receivable Office Supplies Office Furniture Land 5,500 Stockholders' Equity 33,700 Common Stock 13,000 Retained Earnings 10.425 Cash Office Supplies Land Salaries Expense Office Furniture Notes Payable Rent Expense Pine Acres Landscaping Balance Sheet Month Ended March 31, 2018 Liabilities $ 5.000 Accounts Receivable $ 200 Dividends 33,700 Service Revenue 3,400 Property Tax Expense 5,500 Accounts Payable 24,400 Retained Earnings 325 Stockholders' Equity Common Stock $ 2,300 6,000 34,000 3,400 3,400 10,425 Total Stockholders' Equity 6700 Total Assets Total Liabilities and Stockholders' Equity 13,000 72,525 72,525 Total Liabilities Total Assets Print DoneStep by Step Solution
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