The following is a partial balance sheet for Zabel Company: Instructions 1. List any errors in the
Question:
The following is a partial balance sheet for Zabel Company:
Instructions
1. List any errors in the preceding balance sheet.
2. Prepare a corrected balance sheet.
Transcribed Image Text:
ZABEL COMPANY Balance Sheet December 31, 20Y4 Assets Current assets: Cash $ 75,000 Notes recelvable $115,000 9,000 $475,000 Less interest receivable 106,000 Account receivable Plus allowance for doubtful accounts 11,150 486,150
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1 a The interest receivable should be reported separately as a current asset It should not be ...View the full answer
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