The accountant for Tibbo Industries is required to prepare monthly financial statements. Upon opening the file with the previous month's balance sheets, the accountant notices that they have been prepared incorrectly
Prepare a corrected November balance sheet based on the information below.
Balance Sheet for
Tibbo Industries
Prepared on
November 29, 2009
Assets Liabilities and Owners' Equity
Merchandise inventory 8,000 Office supplies 500
Accounts payable 4,500 Long term debt 18,000
Cash 9,000 Owners equity 50,500
Owners' equity 50,500 Prepaid expenses 5,000
Property and equipment 50,500
Assets
Cash $ 9,000
Merchandise Inventory 8,000
Prepaid expenses 5,000
Office supplies 500
Property and equipment 50,500
Total assets $73,000
Liabilities and Owners' Equity
Liabilities:
Accounts payable $ 4,500
Long term debt 18,000
Total Liabilities 22,500
Owners' equity 50,500
Total Liabilities and Owners' Equity $73,000
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