Question: Please answer the following question The Income Statement below was prepared by a student intern who did not think it was important to go to

Please answer the following question

Please answer the following question The Income Statement below was prepared by

The Income Statement below was prepared by a student intern who did not think it was important to go to accounting class. She frequently missed class and never did homework. Identify five errors that were made and how they would be corrected. Do NOT prepare corrected statements. For example, you would say 1-"Expense Statement is not the correct name. The correct name of this financial statement is the Income Statement. (this cannot be one of your five errors) Berkeley Playhouse Expense Statement For the year ended 12/31/20 Assets Service Revenue $100,000 Intrest Income 10,000 Uneamed Revenue 15,000 Accounts Receivable 25,500 Total $350,000 Less: Expenses Dividend expense $5,000 Salary payable 50,000 Accumulated depreciation 5,000 Office expense 1,000 Net Income $300,000

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!