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    needs_help1234's Avatar
    needs_help1234 Posts: 3, Reputation: 1
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    #1

    Sep 25, 2007, 07:55 PM
    Correcting a Balance Sheet
    I have to correct a balance sheet. It says the client failed to mention amounts for interest payable and for salaries payable. If I add them into the liabilities than my liabilities will be greater than my assets. So what do I do?
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
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    #2

    Sep 25, 2007, 08:46 PM
    Interest Expense and Salaries Expense might also have been forgotten then.

    And expenses lower your net income, which lowers your retained earnings.
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