Prepare a balance sheet, Prepare a balance sheet

Prepare a balance sheet

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Reference no: EM1314633

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

Reference no: EM1314633

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