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Mobile App Chapter 1: Q51PGB (page 49)
Question: The bookkeeper of Juniper Landscaping prepared the company’s balance sheet while the accountant was ill. The balance sheet, shown on the next page, 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 on this statement. Prepare a corrected balance sheet. JUNIPER LANDSCAPING Balance Sheet Month Ended July 31, 2018 Accounts Receivable Dividends Service Revenue Office Supplies Salaries Expense Property Tax Expense Accounts Payable Retained Earnings Total Liabilities Common Stock Office Furniture Notes Payable Rent Expense Total Assets Assets Liabilities Stockholders’ Equity \( 5,300 \) 75,100 800 34,500 3,200 6,300 24,700 300 \( 1,800 14,000 38,000 \) 75,100 3,300 2,700 5,300 10,000 J
Short Answer
| JUNIPER LANDSCAPING | |||
| Balance Sheet | |||
| July 31, 2018 | |||
| Assets | Liabilities | ||
Cash | $5,300 | Accounts Payable | $2,700 |
Land | 34,500 | Notes Payable | 24,700 |
Office Supplies | 800 | Total Liabilities | 27,400 |
Office Furniture | 6,300 | Stockholders’ Equity | |
Accounts Receivable | 1,800 | Common Stock | 10,000 |
Retained Earnings | 11,300 | ||
Total Stockholders’ Equity | 21,300 | ||
Total Assets | $48,700 | Total Liabilities and Stockholders’ Equity | $48,700 |
Step by step solution
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