Pete is the president of island enterprises island

Assignment Help Accounting Basics

Reference no: EM13597991

Pete is the president of Island Enterprises. Island Enterprises began business on January 1, 2008. The company's controller is out of the county on business. Pete needs a copy of the company's balance Sheet for a meeting tomorrow and asks his assistant to obtain the required information from the Company's records. She presents Pete with the following balance sheet. He asks you to review it for accuracy.

Island Enterprises
Balance Sheet
For the Year Ended December 31, 2008

Assets Liabilities and Stockholders Equity

Accounts Payable $29,600 Accounts Receivable $23,200
Building and equipment 177,300 Supplies 12,200
Cash 14,750 Capital stock 100,000
Cash dividends paid 16,000 Net Income for 2008 113,850

Required

Prepared a corrected balance sheet
Draft a memo explaining the major differences between the balance sheet Pete's assistant prepared and the one you prepared.

Reference no: EM13597991

Questions Cloud

Sales for the year were 600000 accounts receivable were : sales for the year were 600.000. accounts receivable were 100.000 and 80.000 at the beginning and end of the year.

Company a purchased a certain number of company bs : company a purchased a certain number of company bs outstanding voting shares at 20 per share as a long-term

Custom truck builders frequently uses long-term lease : custom truck builders frequently uses long-term lease contracts to finance the sale of its trucks. on november 1 2011

Atlantic airlines operated both an airline and several : atlantic airlines operated both an airline and several motels located near airports. during the year just ended all

Pete is the president of island enterprises island : pete is the president of island enterprises. island enterprises began business on january 1 2008. the companys

Make sure that you consider each transaction separately and : quail corporation was created in 2000 through contributions from kasha 700000 and fardin 300000. in a transaction

Hannah company maintains two separate accounts payable : hannah company maintains two separate accounts payable computer systems. one is known to all the users and is used to

On august 9 2010 egret corporation acquired 100 of the : on august 9 2010 egret corporation acquired 100 of the outstanding stock of aqua coorporation for 1million and made a

Assume that on july 1 2012 venzuela co retires half of the : venzuela co. is building a new hockey arena at a cost of 2500000. it received a downpayment of 500000 from local

User Account

All Pages