Mike Paul is the bookkeeper for Benelli Company. Mike has been trying to get the balance sheet of Benelli Company to balance. It finally balanced, but now he’s not sure it is correct.
BENELLI COMPANY
Balance Sheet
December 31, 2010
| Assets | Liabilities and Stockholders’ Equity | ||
| Cash | 20,500 | Accounts payable | 16,000 |
| Supplies | 9,500 | Accounts receivable | (12,000) |
| Equipment | 40,000 | Common stock | 40,000 |
| Dividends | 8,000 | Retained earnings | 34,000 |
| Total assets | 78,000 | Total liabilities and stockholders’ equity | |
Complete the corrected balance sheet below. (List assets in order of liquidity.)
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