List the errors you find in the following partial balancesheet: Kraftmaid Company Balance Sheet December 31, 2006
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Kraftmaid Company Balance Sheet December 31, 2006 Assets Replacemen Accumulated Book Value Cost Depreciation Property, plant, and equipment: .100,000 260,000 550,000 120,000 80,000 45,000 20,000 80,000 184,000 258,000 40,000 80,000 40,000 Land Buildings 76,000 292,000 80,000 Patents.... Goodwill.. . . 0 5,000 Total property, plant, and equipment . . . . $1,155,000 $473,000 682,000
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1 Fixed assets should be reported at cost and not replacement cost 2 Land doe...View the full answer
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Related Book For
Accounting
ISBN: 978-0324188004
21st Edition
Authors: Carl s. warren, James m. reeve, Philip e. fess
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