List the errors you find in the following partial balancesheet: CHICO COMPANY Balance Sheet December 31, 20Y7
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CHICO COMPANY Balance Sheet December 31, 20Y7 Assets Total current assets $350,000 Replacement Accumulated Depreciation Book Value Cost Property, plant, and equipment: S 250,000 20,000 $230,000 , 50,0 154,800 24,000 48,000 87,000 Land Buildings 400,000 330,000 72,000 48,000 90,000 150,000 175,200 48,000 y equipment Office equipment Patents Goodwill 3,000 Total property, plant, and equipment $1,190,000 396,200 793,800
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1 Fixed assets should be reported at cost and not replacement cost ...View the full answer
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