Karima Services

Statement of the Financial Position

For the year ended December 31, 2022

Assets Liabilities

Current Assets Current Liabilites

Cash $ 6170 Accounts receivable 13525

Accounts Payable 8500 Accumulated dep Building 13525

Suppliers 1590 Accumulated Dep Equipment 6340

Prepaid Insurance 345 Profit 12500

Total Current assets $ 41605 Total liabilities $41365

Non Current Assets: Owner’s Equity

Building $ 45500 Wages payable $500

Equipment 28250 Brilly Brown Capital 74490

Total Non Current Assets $ 73750 Total Owner’s Capital 74490

Total Assets $ 116355 Total Liabilities & owner’s equity 74990

Required:

1. List the errors in the Balance Sheet above.
2. Prepare a Corrected Balance Sheet.

Answer rating: 100% (QA)

There are errors in The balance sheet which are highlighted below First on the Asset side Acco... View the full answer