The following balance Sheet were extracted from the books of Awal Dairy Company on 31st December...

 

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The following balance Sheet were extracted from the books of Awal Dairy Company on 31st December 2021 After the auditing they found out there are several mistakes in the Balance sheet. Current Assets Unearned Services Revenue Current Liabilities 41,000 Cash 30,000 Owner's Equity 17,000 Building 75,000 Equipment 44,500 Total Current Asset 102,500 Total Current liabilities 105,000 Fixed (Plant) Assets Long-term Liabilities Note payable 27,000 Account Receivable 28.200 Inventory 38,000 Total long-term liabilities 28,200 Bond payable 8,700 Total liabilities 133,200 Owner's Equity Motor van 31,000 Total Fixed Asset 73700 Total Owner Equity 31,000 176200 Total Liabilities+ OE Total Assets 164,200 Required: Help Awal Company to Fix the Balance sheet 1. Find the mistakes. 2. Rewrite the correct Balance sheet. The following balance Sheet were extracted from the books of Awal Dairy Company on 31st December 2021 After the auditing they found out there are several mistakes in the Balance sheet. Current Assets Unearned Services Revenue Current Liabilities 41,000 Cash 30,000 Owner's Equity 17,000 Building 75,000 Equipment 44,500 Total Current Asset 102,500 Total Current liabilities 105,000 Fixed (Plant) Assets Long-term Liabilities Note payable 27,000 Account Receivable 28.200 Inventory 38,000 Total long-term liabilities 28,200 Bond payable 8,700 Total liabilities 133,200 Owner's Equity Motor van 31,000 Total Fixed Asset 73700 Total Owner Equity 31,000 176200 Total Liabilities+ OE Total Assets 164,200 Required: Help Awal Company to Fix the Balance sheet 1. Find the mistakes. 2. Rewrite the correct Balance sheet.

Answer rating: 100% (QA)

Mistakes Incorrect Data Classification Awal used the horizontal format though there is no standard f... View the full answer