Reza Lang is the bookkeeper for Taylor Company. Reza has been trying to get the balance sheet of Taylor Company to balance. Taylor”s balance sheet is shown below.
TAYLOR COMPANY Balance Sheet December 31, 2014
|
Assets |
Liabilities |
||
|
Cash |
$15,000 |
Accounts payable |
$21,000 |
|
Supplies |
8,000 |
Accounts receivable |
(9,500) |
|
Equipment |
46,000 |
Owner”s capital |
67,500 |
|
Owner”s drawings |
10,000 |
Total liabilities and owner”s equity |
$79,000 |
|
Total assets |
$79,000 |
Instructions
Prepare a correct balance sheet.