Your friend, Daniel Nat, recently began work as the lead accountant for the Asheville Company. Dan.. 1 answer below »
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Your friend, Daniel Nat, recently began work as the lead accountant for the Asheville Company. Dan prepared the following balance sheet for December 31, 2018: Asheville Company Balance Sheet For the Year Ended December 31, 2018 Assets Land. . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . $100,000 Accounts payable. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000 Accounts receivable. . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . 12,500 Cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000 Daniel Nat, capital. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 235,000 Total assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $367,500 Liabilities Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . $125,000 Wages payable. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,500 Total liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $127,500 White a brief memo to Daniel explaining the errors in the Asheville Company balance sheet and the correct presentation for the balance sheet.
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