List the errors you find in the following partial balancesheet: Kraftmaid Company Balance Sheet December 31, 2007
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Kraftmaid Company Balance Sheet December 31, 2007 Assets Total current assets $597,500 Replacement Accumulated Book Cost Depreciation Value Property, plant, and equipment: 100,000 260,000 550,000 120,000 80,000 45,000 Total property, plant, and equipment $1,155,000 Land Buildings Factory equipment Office equipment Patents Goodwill $ 20,000 80,000 76,000 184,000 292,000 258,000 40,000 80,000 40,000 $473,000 $682,000 80,000 5,000
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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
Financial Accounting An Integrated Statements Approach
ISBN: 978-0324312119
2nd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
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