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OUTDOOR LIFE LANDSCAPING Balance Sheet Month Ended Ncvember 30, 2018 Assets Liabilities $ 4,600 Accounts Receivable 600 Dividends Cash $ 2,000 Office Supplies 11,000 Land 34,100 Service Revenue 35,000 Salaries Expense 2,700 Property Tax Expense 5,800 Accounts Payable 3,000 Office Furniture 2,700 Notes Payable 24,600 Retained Earnings 11,150 Rent Expense Stockholders' Equity 450 Common Stock 8,000 $ 72,850 Total Assets Total Liabilities $ 72,850

OUTDOOR LIFE LANDSCAPING Balance Sheet Month Ended Ncvember 30, 2018 Assets Liabilities $ 4,600 Accounts Receivable 600 Dividends Cash $ 2,000 Office Supplies 11,000 Land 34,100 Service Revenue 35,000 Salaries Expense 2,700 Property Tax Expense 5,800 Accounts Payable 3,000 Office Furniture 2,700 Notes Payable 24,600 Retained Earnings 11,150 Rent Expense Stockholders' Equity 450 Common Stock 8,000 $ 72,850 Total Assets Total Liabilities $ 72,850

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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Preparing financial statements

The bookkeeper of Outdoor Life 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 arc out of place or should not be included in this statement. Prepare a corrected balance sheet.

 

OUTDOOR LIFE LANDSCAPING Balance Sheet Month Ended Ncvember 30, 2018 Assets Liabilities $ 4,600 Accounts Receivable 600 Dividends Cash $ 2,000 Office Supplies 11,000 Land 34,100 Service Revenue 35,000 Salaries Expense 2,700 Property Tax Expense 5,800 Accounts Payable 3,000 Office Furniture 2,700 Notes Payable 24,600 Retained Earnings 11,150 Rent Expense Stockholders' Equity 450 Common Stock 8,000 $ 72,850 Total Assets Total Liabilities $ 72,850
Transcribed Image Text:OUTDOOR LIFE LANDSCAPING Balance Sheet Month Ended Ncvember 30, 2018 Assets Liabilities $ 4,600 Accounts Receivable 600 Dividends Cash $ 2,000 Office Supplies 11,000 Land 34,100 Service Revenue 35,000 Salaries Expense 2,700 Property Tax Expense 5,800 Accounts Payable 3,000 Office Furniture 2,700 Notes Payable 24,600 Retained Earnings 11,150 Rent Expense Stockholders' Equity 450 Common Stock 8,000 $ 72,850 Total Assets Total Liabilities $ 72,850
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