Andrew Davis is the bookkeeper for Cheyenne Company. Andrew has been trying to get the balance sheet of Cheyenne Company to balance. It finally balanced, but now he"s not sure it is correct.
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CHEYENNE COMPANY
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Balance Sheet
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31-Dec-12
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Assets
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Liabilities and Stockholders" Equity
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Cash
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$18,000
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Accounts payable
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$16,000
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Supplies
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9,500
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Accounts receivable
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-12,000
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Equipment
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40,000
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Common stock
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40,000
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Dividends
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8,000
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Retained earnings
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31,500
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Total assets
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$75,500
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Total liabilities and
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stockholders" equity
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$75,500
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Instructions
Prepare a correct balance sheet.