Question

CALCULATORMESSAGE MY INSTRUCTOR FULL SCRE John Tate is the bookkeeper for Gabelli Company. John has been trying to get the balance sheet of Gabelli Company to balance. It finally bala correct. GABELLI COMPANY December 31, 2014 $12,500 Accounts payable Balance Sheet lities and Stockholders' Equity Cash Supplies Equipment Dividends Total assets 9,500 Accounts receivable 50,000 Common stock 13,000 Retained earnings $18,000 (12,000) 40,000 39,000 $85,000 Total liabilities and stockholders equity $85.000 Prepare a correct balance sheet. GABELLI COMPANY Balance Sheet December 31, 2014 ASSETS 12,500 9,500 50,000 12,000 84,000 Cash Supplies Equipment Accounts Receivable Total Assets

Answer 1

GABELLI COMPANY
Balance Sheet
December 31,2014
ASSETS
Cash		$12,500.00
Supplies		$9,500.00
Accounts Receivables		$12,000.00
Total Current Assets		$34,000.00
Equipment,net		$50,000.00
Total Assets		$84,000.00
LIABILITIES AND STOCKHOLDERS EQUITY
Liabilities
Accounts Payable		$18,000.00
Stockholders equity
Common stock	$40,000.00
Retained Earnings	$26,000.00
Total Stockholders equity		$66,000.00
Total Liabilities and Equity		$84,000.00