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Andrew Davis is the bookkeeper for Cheyenne Company. Andrew has been trying to get the balance sheet of Cheyenne Company to balance. It finally balanced, but now he"s not sure it is correct.
CHEYENNE COMPANY
Balance Sheet
31-Dec-12
Assets
Liabilities and Stockholders" Equity
Cash
$18,000
Accounts payable
$16,000
Supplies
9,500
Accounts receivable
-12,000
Equipment
40,000
Common stock
Dividends
8,000
Retained earnings
31,500
Total assets
$75,500
Total liabilities and
stockholders" equity
Instructions
Prepare a correct balance sheet.
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