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3 years ago

Consider Emily's balance statement:

Business

2 answers:

notsponge [240]3 years ago

8 0

Answer:

see below

Explanation:

A balance sheet is prepared following the accounting principles of assets equal to liabilities plus equity. Assets are left side while equity and liabilities on the other.

Assets are valuable that a business owns. Liabilities refer to the debts or loans of the business. It is what the business owes others. Equity is the owner's contribution to the business.

In this balance sheet, Emily has confused assets and liabilities.

The column labeled as liabilities represents assets. She should change that. This column should be the topmost column. She has interchanged the labels for liabilities and assets. The difference between assets and liabilities should be equity.

Nadya [2.5K]3 years ago

6 0

Answer:

Emily has mixed up the assets and liabilities. All the cells under “assets” are really liabilities and vice versa.

Explanation:

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