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-   -   Correcting a Balance Sheet (https://www.askmehelpdesk.com/showthread.php?t=133785)

  • Sep 25, 2007, 07:55 PM
    needs_help1234
    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?
  • Sep 25, 2007, 08:46 PM
    CaptainForest
    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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