Exercise 1-13
Mary Close is the bookkeeper for Mendez Company. Mary has been trying to get the balance sheet of Mendez Company to balance.
MENDEZ COMPANY
Balance Sheet December 31, 2008
Assets Liabilities
Cash $15,000
Accounts payable $20,000
Supplies 8,000
Accounts receivable (8,500)
Equipment 46,000
Common stock 50,000
Dividends 10,000
Retained earnings 17,500
Total assets $79,000
Total liabilities and stockholders’ equity $79,000
Instructions:
Prepare a correct balance sheet.
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