Preparation of balance sheet.
John Paul is the bookkeeper for Gabelli Company. John has been trying to get the balance sheet of Gabelli Company to balance. It finally balanced, but now he's not sure it is correct.
GABELLI COMPANY
Balance Sheet
December 31, 2007
|
Assets
|
Liabilities and Stockholders' Equity
|
|
Cash
|
$18,500
|
Accounts payable
|
$16,000
|
|
Supplies
|
9,500
|
Accounts receivable
|
(12,000)
|
|
Equipment
|
40,000
|
Common stock
|
40,000
|
|
Dividends
|
10,000
|
Retained earnings
|
34,000
|
|
Total assets
|
$78,000
|
Total liabilities and stockholders' equity
|
$78,000
|