Identify key five (5) errors from statement above and provide recommendations as to how the errors can be corrected. Calculations are not necessary. 

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Daniel Baker is a sole trader who provides architectures services to individuals and businesses. The following statement has been provided to you as part of the preparation of the financial statements for 30 June 2020. Daniel Bakers Architecture Services Statement of Financial Position For the year ending 30 June 2020 Current Assets Cash 87,000 Accounts Receivable 84,700 Revenue received in advance 4,000 Total Current Assets 175,700 Non-current assets Office Supplies 6,500 Equipment 218,000 Total assets 400,200 Current Liabilities Accounts payable Accrued expenses 38,000 11,500 Accumulated depreciation 64,000 Long -term bank loan (due 2025) 50,000 Total current liabilities 163,500 Total Liabilities 163.500 Net equity 236,700 Equity Daniel Baker's Capital 250,000 Dividends Total Equity (11,300) 238,700 Daniel Baker is a sole trader who provides architectures services to individuals and businesses. The following statement has been provided to you as part of the preparation of the financial statements for 30 June 2020. Daniel Bakers Architecture Services Statement of Financial Position For the year ending 30 June 2020 Current Assets Cash 87,000 Accounts Receivable 84,700 Revenue received in advance 4,000 Total Current Assets 175,700 Non-current assets Office Supplies 6,500 Equipment 218,000 Total assets 400,200 Current Liabilities Accounts payable Accrued expenses 38,000 11,500 Accumulated depreciation 64,000 Long -term bank loan (due 2025) 50,000 Total current liabilities 163,500 Total Liabilities 163.500 Net equity 236,700 Equity Daniel Baker's Capital 250,000 Dividends Total Equity (11,300) 238,700

Answer rating: 100% (QA)

Error Recommendation 1 Revenue Received in Advance It Should be shown in the ... View the full answer