List the errors you find in the following partial balance sheet: Burnt Red Company Balance Sheet December 31, 20Y2 Assets Total current assets... $350,000 Replacement Accumulated Depreciation Book Value Cost Property, plant, and equipment: Land ... $ 50,000 $ 250,000 $200,000 Buildings ... 450,000 160,000 290,000 Factory equipment.. Office equipment Patents ... 140,000 375,000 235,000 60,000 125,000 65,000 90,000 90,000 Goodwill 60,000 10,000 50,000 Total property, plant, and equipment.... $1,350,000 $420,000 $930,000
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- The comparative balance sheet of Merrick Equipment Co. for December 31, 20Y9 and 20Y8, is as follows:Dec 31 20Y9 Dec 31 20Y8ASSETSCash $ 70,720 $ 47,940Accounts Receivable 207,230 188,190Inventories 298,520 289,850Investments - 102,000Land 295,800 -Equipment 438,600 358,020Accumulated Depreciation-Equipment (99,110) (84,320)Total Assets $ 1,211,760 $ 901,680LIABILITIES AND STOCKHOLDERS' EQUITYAccounts Payable $ 205,700 $ 194,140Accrued Expenses Payable (operating expenses) 30,600 26,860Dividends Payable 25,500 20,400Common Stock, $1 par 202,000 102,000Paid-in Capital; Excess of issue price over par-common stock 354,000 204,000Retained Earnings 393,960 354,280Total Liabilities and Stockholders Equity: $ 1,211,760 $ 901,680Additional data obtained from an examination of the accounts in the ledger for 20Y9 are as follows:A. Equipment and land were acquired for cashB. There were no disposals of equipment during the year.C. The investments were sold for $91,800 cash.D. The common stock was…The following items were excerpted from Poeltl, Inc.'s balance sheets: December 31, 2023December 31, 2022Cash$86,300$59,000Accounts receivable65,60070,600Inventory157,000150.300Property and equipment794,500745,400Accumulated depreciation(184,000)(168,200)Accounts payable61,00050,600Wages payable20,40023,000 Poeltl's 2023 income statement showed net income of $463,000, depreciation expense of $57,000, and a gain on disposal of equipment of $16,000. On Poeltl's 2023 statement of cash flows, how much is Net Cash Provided by Operating Activities?The statement of the financial position of Happy Easter Enterprise given below did not agree andthe balance of GH¢26,940 was entered in the suspense account.HAPPY EASTER ENTERPRISESTATEMENT OF FINANCIAL POSITION AS AT 30TH JUNE, 2018Non-Current Assets: Cost Depreciation Net Book ValueGH¢ GH¢ GH¢Furniture & Fittings 90,000 36,000 54,000Delivery Van 12,000 6,000 6,000102,000 42,000 60,000Current Assets:Inventory 6,000Accounts receivable 12,000Cash at bank 300 18,300Current Liabilities:Accounts payable (7,200)Net current asset 11,100Net assets 71,100Financed By:Capital 12,000Net profit for the year 32,160Suspense account 26,94071,100Upon investigations, the following errors were discovered:(i) Accounts payable had been understated by GH¢6,000.(ii) The sales figure for the period was understated by GH¢540.(iii) The closing inventory amounted to GH¢7,200 but the amount stated in the statementof financial position was the beginning inventory.(iv) A loan from the D-Bank of GH¢3,000 was…
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