(Learning Objectives 4: Preparing financial statements; continue or shut down the business?) On…

(Learning Objectives 4: Preparing financial statements; continue or shut down the business?) On October 1, Tiger Woods opened Eagle Restaurant, Inc. Woods is now at a crossroads. The October financial statements paint a glowing picture of the business, and Woods has asked you whether he should expand the business. To expand the business, Woods wants to be earning net income of $10,000 per month and have total assets of $35,000. Woods believes he is meeting both goals. To start the business, Woods invested $20,000, not the $10,000 amount reported as “Common stock” on the balance sheet. The business issued $20,000 of common stock to Woods. The bookkeeper plugged the $10,000 “Common stock” amount into the balance sheet to make it balance. The bookkeeper made some other errors too. Woods shows you the following financial statements that the bookkeeper prepared.

❙ Required

Prepare corrected financial statements for Eagle Restaurant, Inc.: Income Statement, Statement of Retained Earnings, and Balance Sheet. Then, based on Woods’ goals and your corrected statements, recommend to Woods whether he should expand the restaurant. (p. 147)

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