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Accounting
Cash.. Accounts receivable. Sales revenue.. Inventory Accounts payable FIX-IT-UP SERVICE CO. Balance Sheet 12/31/20x2 Assets $ 38,500 74,500 87,500 159,000 137,200 Equipment Total assets 1,553,750 $2,050,450 Liabilities and Stockholders' Equity Liabilities Short-term notes payable $45,000 Accumulated depreciation 590,350 Supplies expense.... Long-term notes payable Total liabilities.. Stockholders' equity 2,500 720,000 $1,357,850 Common stock Retained earnings Total stockholders' equity. Total liabilities and stockholders' equity 150,000 183,200 333,200 $1,691,050

Cash.. Accounts receivable. Sales revenue.. Inventory Accounts payable FIX-IT-UP SERVICE CO. Balance Sheet 12/31/20x2 Assets $ 38,500 74,500 87,500 159,000 137,200 Equipment Total assets 1,553,750 $2,050,450 Liabilities and Stockholders' Equity Liabilities Short-term notes payable $45,000 Accumulated depreciation 590,350 Supplies expense.... Long-term notes payable Total liabilities.. Stockholders' equity 2,500 720,000 $1,357,850 Common stock Retained earnings Total stockholders' equity. Total liabilities and stockholders' equity 150,000 183,200 333,200 $1,691,050

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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There is more than one error in this balance sheet. Fix It Balance Sheet.pdf

Can you find them all? Identify the errors. What is the correct accounting equation?

Cash.. Accounts receivable. Sales revenue.. Inventory Accounts payable FIX-IT-UP SERVICE CO. Balance Sheet 12/31/20x2 Assets $ 38,500 74,500 87,500 159,000 137,200 Equipment Total assets 1,553,750 $2,050,450 Liabilities and Stockholders' Equity Liabilities Short-term notes payable $45,000 Accumulated depreciation 590,350 Supplies expense.... Long-term notes payable Total liabilities.. Stockholders' equity 2,500 720,000 $1,357,850 Common stock Retained earnings Total stockholders' equity. Total liabilities and stockholders' equity 150,000 183,200 333,200 $1,691,050
Transcribed Image Text:Cash.. Accounts receivable. Sales revenue.. Inventory Accounts payable FIX-IT-UP SERVICE CO. Balance Sheet 12/31/20x2 Assets $ 38,500 74,500 87,500 159,000 137,200 Equipment Total assets 1,553,750 $2,050,450 Liabilities and Stockholders' Equity Liabilities Short-term notes payable $45,000 Accumulated depreciation 590,350 Supplies expense.... Long-term notes payable Total liabilities.. Stockholders' equity 2,500 720,000 $1,357,850 Common stock Retained earnings Total stockholders' equity. Total liabilities and stockholders' equity 150,000 183,200 333,200 $1,691,050
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