The manager of Fast Break Sports, Inc., prepared the companys balance sheet as of March 31, 2014,
Question:
Requirements
1. Prepare the correct balance sheet and date it properly. Compute total assets, total liabilities, and stockholders equity.
2. Is Fast Break Sports, Inc. in better (or worse) financial position than the erroneous balance sheet reports? Give the reason for your answer.
3. Identify the accounts that should not be reported on the balance sheet. State why you excluded them from the correct balance sheet you prepared for Requirement 1. On which financial statement should these accountsappear?
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Related Book For
Financial Accounting
ISBN: 978-0133427530
10th edition
Authors: Walter Harrison, Charles Horngren, William Thomas
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