List the errors you find in the following balance sheet. Prepare a corrected balance sheet. Assets Liabilities
Question:
List the errors you find in the following balance sheet. Prepare a corrected balance sheet.
Transcribed Image Text:
Assets Liabilities Current assets: Current liabilities: Accounts payable Supplies 31,300 6,500 Accum. depr-building Accum. depr-equipment 25,000 Net income 118,200 155,000 $339,600 Total current assets.... $297,900 Property, plant, Owner's Equity and equipment: Wages payable 6,500 Total property, plant, 593,700 635,400 Total liabilities and Total assets $933,300
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 73% (19 reviews)
1 The date of the statement should be August31 2016 and not For the Year Ended August31 2016 2 Accou...View the full answer
Answered By
Amarjyoti Mondal
Professional Tutor:
Recently a college graduate with a major in chemistry. Seeking a position as a Professional Tutor at a coaching institute.
Core Qualification:
Adept at creating study materials in a variety of academic subjects to help the student improve their test score and CGPA
Strong interpersonal skills in working with students to help them achieve and succeed
Have written study books adopted by a high school and a college to help the student improve their skills and knowledge about chemistry
Professional Experience:
Working as a Home Tutor.
Created worksheet and practice quizzes to help college students prepare for the college-level entrance exam.
Education:
10th marks:85.7%
12th marks: 79.2%
B.Sc marks: 7.97 (CGPA out of 10)
M.Sc Marks: 8.52 (CGPA out of 10) (till 2nd semester)
0.00
0 Reviews
10+ Question Solved
Related Book For
Financial Accounting
ISBN: 978-1305088436
14th edition
Authors: Carl S. Warren, Jim Reeve, Jonathan Duchac
Question Posted:
Students also viewed these Accounting questions
-
List the errors you find in the following statement of cash flows. The cash balance at the beginning of the year was $100,320. All other amounts are correct, except the cash balance at the end of...
-
List the errors you find in the following partial balancesheet: HOBART COMPANY Balance Sheet December 31, 2010 Assets $ 350,000 Total current assets Replacement Accumulated Book Depreciation Cost...
-
List the errors you find in the following partial balancesheet: Kraftmaid Company Balance Sheet December 31, 2007 Assets Total current assets $597,500 Replacement Accumulated Book Cost Depreciation...
-
Analyzing Revenues and Expenses and Completing an Income Statement Neighborhood Realty, Incorporated, has been operating for three years and is owned by three investors. S. Bhojraj owns 60 percent of...
-
Ross Corporation is a debtor in a reorganization proceeding under Chapter 11 of the Bankruptcy Code. By fair and proper valuation, its assets are worth $100,000. The indebtedness of the corporation...
-
SoundSmart manufactures headphone cases. During September 2014, the company produced 108,000 cases and recorded the following cost data: Requirements 1. Compute the cost and efficiency variances for...
-
What are the two classes of OE domains?
-
Metro Shuttle Inc. is considering investing in two new vans that are expected to generate combined cash inflows of $28,000 per year. The vans combined purchase price is $91,000. The expected life and...
-
Build a strong culture in a company. Proper distribution of work according to their efficiency. Giving rewards to employees such as by increasing their salary.
-
Transworld Moving has been hired to move the office furniture and equipment of Cohen Properties to their new headquarters. What route do you recommend? The network of roads is shown inFigure. New...
-
Optimum Weight Loss Co. offers personal weight reduction consulting services to individuals. After all the accounts have been closed on November 30, 2016, the end of the fiscal year, the balances of...
-
From the list that follows, identify the accounts that should be closed to Income Summary at the end of the fiscal year: a. Accounts Payable b. Accumulated Depreciation-Equipment c. Depreciation...
-
What is the magnetic effect of placing two wires with equal but oppositely directed currents close together or twisted about each other?
-
Data from the comparative balance sheets of Wise Company are presented here. Perform a vertical analysis. Inventory Plant assets Total assets Amount $101,430 573,300 1,470,000 2024 Percent % % %...
-
identify an error in either NWC or cash flows. Assumptions: R&D expense Test marketing expense Investment in equipment Salvage value at end of year 4 # of tires per car sold for OEM market Time of...
-
Briefly, indicate the tax or legal issue presented by each of the following situations and the advice you might give to the following taxpayers (each situation is independent): (a) Marvin is part of...
-
1. Does USX need to be restructured at this time? How much should USX be worth if Steel and Energy are broken apart? 2. Debate the relative merits of Icahn's proposal (spin-off) vs. the company's...
-
2 (s)' Solid lead(II) hydroxide, Pb(OH), in a test tube will dissolve when excess 6 M NaOH is added. Solid iron(II) hydroxide, Fe(OH), however, does not dissolve when excess 6 M NaOH is added. Answer...
-
Imagine throwing a shuttlecock straight up in the air. Air resistance is more important for shuttlecocks than for a tennis ball. Air resistance always acts in the opposite direction to the velocity...
-
State whether each statement is true or false. If false, give a reason. {purple, green, yellow} = {green, pink, yellow}
-
If the effect of the credit portion of an adjusting entry is to increase the balance of a liability account, which of the following statements describes the effect of the debit portion of the entry?...
-
Does every adjusting entry have an effect on determining the amount of net income for a period? Explain.
-
Does every adjusting entry have an effect on determining the amount of net income for a period? Explain.
-
The articles of partnership for Pal - Trotter Partnership provide for a salary allowance of $ 5 , 3 0 0 per month for partner Trotter, with the balance of net income to be divided equally. If Trotter...
-
The City of Piglet reported property tax revenues in 2020 in the amount of $10 million. The deferred inflow-property taxes reported in the General Fund's balance sheet was $300,000 on December 31,...
-
Texas Roadhouse is expecting to earn $ 5 million in revenue for the next fiscal year. How much net income would the company need to generate from that revenue to achieve a net profit margin ratio of...
Study smarter with the SolutionInn App