3. a) Identity the three (3) errors in the current asset section of the balance sheet...

 

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3. a) Identity the three (3) errors in the current asset section of the balance sheet below. (1) Duplicate entry of inventory (2) Drawings have been included these shouldn't be added to current assets and (3) The current asset balance is incorrect.... b) Correct the errors by updating the table including the total. Current Assets Petty Cash Amount $ 120.00 Inventories $ 61,200.00 Accounts receivable $ 30,000.00 Cash at bank $ 32,000.00 Total Current Assets 184,520.00 c) Who should the error be reported to? Refer to the Extract from Silver Services Catering Policies 3. a) Identity the three (3) errors in the current asset section of the balance sheet below. (1) Duplicate entry of inventory (2) Drawings have been included these shouldn't be added to current assets and (3) The current asset balance is incorrect.... b) Correct the errors by updating the table including the total. Current Assets Petty Cash Amount $ 120.00 Inventories $ 61,200.00 Accounts receivable $ 30,000.00 Cash at bank $ 32,000.00 Total Current Assets 184,520.00 c) Who should the error be reported to? Refer to the Extract from Silver Services Catering Policies