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Your friend, Daniel Nat, recently began work as the lead accountant for the Asheville Company. Dan prepared the following balance sheet for December 31, 2018: Asheville Company Balance Sheet For the Year Ended December 31, 2018 Assets $100,000 Land..... Accounts payable...... 10,000 Accounts receivable... 12,500 Cash..... 10,000 Daniel Nat, capital... 235,000 $367,500 Total assets ... Liabilities Equipment ... Wages payable.... $125,000 2,500 Total liabilities . $127,500 White a brief memo to Daniel explaining the errors in the Asheville Company balance sheet and the correct presentation for the balance sheet.

Your friend, Daniel Nat, recently began work as the lead accountant for the Asheville Company. Dan prepared the following balance sheet for December 31, 2018: Asheville Company Balance Sheet For the Year Ended December 31, 2018 Assets $100,000 Land..... Accounts payable...... 10,000 Accounts receivable... 12,500 Cash..... 10,000 Daniel Nat, capital... 235,000 $367,500 Total assets ... Liabilities Equipment ... Wages payable.... $125,000 2,500 Total liabilities . $127,500 White a brief memo to Daniel explaining the errors in the Asheville Company balance sheet and the correct presentation for the balance sheet.

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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Your friend, Daniel Nat, recently began work as the lead accountant for the Asheville Company. Dan prepared the following balance sheet for December 31, 2018: Asheville Company Balance Sheet For the Year Ended December 31, 2018 Assets $100,000 Land..... Accounts payable...... 10,000 Accounts receivable... 12,500 Cash..... 10,000 Daniel Nat, capital... 235,000 $367,500 Total assets ... Liabilities Equipment ... Wages payable.... $125,000 2,500 Total liabilities . $127,500 White a brief memo to Daniel explaining the errors in the Asheville Company balance sheet and the correct presentation for the balance sheet.
Transcribed Image Text:Your friend, Daniel Nat, recently began work as the lead accountant for the Asheville Company. Dan prepared the following balance sheet for December 31, 2018: Asheville Company Balance Sheet For the Year Ended December 31, 2018 Assets $100,000 Land..... Accounts payable...... 10,000 Accounts receivable... 12,500 Cash..... 10,000 Daniel Nat, capital... 235,000 $367,500 Total assets ... Liabilities Equipment ... Wages payable.... $125,000 2,500 Total liabilities . $127,500 White a brief memo to Daniel explaining the errors in the Asheville Company balance sheet and the correct presentation for the balance sheet.
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