List the errors you find in the following balance sheet. Prepare a corrected balancesheet. Eucalyptus Services Co.
Question:
List the errors you find in the following balance sheet. Prepare a corrected balancesheet.
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Eucalyptus Services Co. Balance Sheet For the Year Ended July 31, 2008 Assets Liabilities Current assets: Current liabilities: Cash Accounts payable Supplies Prepaid insurance Land 5,280 6,790 1,650 4,800 60,000 13,750 86,700 Accounts receivable Accum. depr-building Accum. depr equipment 18,480 Net income 25,000 Total liabilities $143,930 Total current assets 78,520 Property, plant, and equipment: Building Equipment Owner's Equity $156,700 43,000 Wages payable Sydney Kitchel, capital Total owner's equity $1,340 171,870 73,210 Total property, plant, and equipmet 238,620 Total labilities and 5317,140 owner's equity Total assets $317,140
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1 The date of the statement should be July 31 2008 and not For the Year Ended July 31 2008 2 Account...View the full answer
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Related Book For
Accounting
ISBN: 978-0324401844
22nd Edition
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
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