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?
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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?
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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