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Communication Your friend, Daniel Nat, recently began work as the lead accountant for Asheville Company. Dan prepared the following balance sheet for December 31, 20Y5: Asheville Company Balance Sheet December 31,20YS Assets Land Accounts payable Accounts receivable Cash Common stock Total assets $100,000 10,000 12,500 10,000 115,000 $247,500 Liabilities Equipment Retained earnings. Wages payable Total liabilities $125,000 120,000 2,500 $247,500 White a brief memo to Daniel explaining the errors in Asheville Company’s balance sheet and provide the correct presentation for the balance sheet.

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Corporate Financial Accounting

15th Edition
Carl Warren + 1 other
Publisher: Cengage Learning
ISBN: 9781337398169
BuyFindarrow_forward

Corporate Financial Accounting

15th Edition
Carl Warren + 1 other
Publisher: Cengage Learning
ISBN: 9781337398169
Chapter 4, Problem 4.3TIF
Textbook Problem
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Communication

Your friend, Daniel Nat, recently began work as the lead accountant for Asheville Company. Dan prepared the following balance sheet for December 31, 20Y5:

Asheville Company

Balance Sheet

December 31,20YS

Assets  

Land

Accounts payable

Accounts receivable

Cash

Common stock

Total assets

$100,000

10,000

12,500

10,000

115,000

$247,500

Liabilities

Equipment

Retained earnings.

Wages payable

Total liabilities

$125,000

120,000

2,500

$247,500

 Chapter 4, Problem 4.3TIF, Communication Your friend, Daniel Nat, recently began work as the lead accountant for Asheville  White a brief memo to Daniel explaining the errors in Asheville Company’s balance sheet and provide the correct presentation for the balance sheet.

To determine

To write: A memorandum to Person D explaining the errors in the A Company’s balance sheet, and the correct presentation for the balance sheet.

Explanation of Solution

Balance sheet:

A balance sheet is a financial statement that reports a company’s resources (assets) and claims of creditors (liabilities) and owner’s equity (owner’s equity’) over those resources, on a specific date. The resources of the company are assets which include money contributed by owner’s equity and creditors. Hence, the main elements of the balance sheet are assets, liabilities, and owner’s equity. The balance of the assets account must be equal to that of the liabilities and the owner’s equity account...

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Chapter 4 Solutions

Corporate Financial Accounting
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Ch. 4 - Flow of accounts into financial statements The...Ch. 4 - Statement of stockholders equity Scott Lockhart...Ch. 4 - Classified balance sheet The following accounts...Ch. 4 - Closing entries After the accounts have been...Ch. 4 - Accounting cycle From the following list of steps...Ch. 4 - Working capital and current ratio Current assets...Ch. 4 - Flow of accounts into financial statements The...Ch. 4 - Classifying accounts Balances for each of the...Ch. 4 - Financial statements from the end-of-period...Ch. 4 - Financial statements from the end-of-period...Ch. 4 - Income statement The following account balances...Ch. 4 - Income statement; net loss The following revenue...Ch. 4 - Income statement FedEx Corporation (FDX) had the...Ch. 4 - Statement of stockholders equity Climate Control...Ch. 4 - Statement of stockholders equity; net loss...Ch. 4 - Classifying assets Identify each of the following...Ch. 4 - Balance sheet classification At the balance sheet...Ch. 4 - Balance sheet Dynamic Weight Loss Co. offers...Ch. 4 - Balance sheet The following balance sheet was...Ch. 4 - Identifying accounts to be closed From the list...Ch. 4 - Closing entries with net income Automation...Ch. 4 - Closing entries with net loss Summit Services Co....Ch. 4 - Identifying permanent accounts Which of the...Ch. 4 - Post-closing trial balance An accountant prepared...Ch. 4 - Steps in the accounting cycle Rearrange the...Ch. 4 - Appendix 1 Completing an end-of-period spreadsheet...Ch. 4 - Appendix 1 Adjustment data on an end-of-period...Ch. 4 - Appendix 1 Completing an end-of-period spreadsheet...Ch. 4 - Appendix 1 Financial statements from an...Ch. 4 - Appendix 1 Adjusting entries from an end-of-period...Ch. 4 - Appendix 1 Closing entries from an end-of-period...Ch. 4 - Appendix 2 Reversing entry The following adjusting...Ch. 4 - Appendix 2 Adjusting and reversing entries On the...Ch. 4 - Appendix 2 Adjusting and reversing entries On the...Ch. 4 - Appendix 2 Entries posted to wages expense account...Ch. 4 - Appendix 2 Entries posted to wages expense account...Ch. 4 - Financial statements and closing entries 8.Net...Ch. 4 - Financial statements and closing entries Foxy...Ch. 4 - accounts, adjusting entries, financial statements,...Ch. 4 - Net Income: 51,150 Ledger accounts, adjusting...Ch. 4 - Net income: 43,475 Complete accounting cycle For...Ch. 4 - Financial statements and closing entries Last...Ch. 4 - Financial statements and closing entries The...Ch. 4 - Income: 27,350 accounts, adjusting entries,...Ch. 4 - Ledger accounts, adjusting entries, financial...Ch. 4 - Net income: 53,77S Complete accounting cycle For...Ch. 4 - Comprehensive Problem 1 8 Net income. 31,425...Ch. 4 - Working Capital and Current Ratio Analyze and...Ch. 4 - Analyze and compare Zynga, Electronic Arts, and...Ch. 4 - Analyze and compare Foot Locker and The Finish...Ch. 4 - Analyze Under Armour The following year-end data...Ch. 4 - Analyze Sears Holding Corporation Soars Holdings...Ch. 4 - Analyze and compare Alphabet (Google) and...Ch. 4 - Ethics in Action New Wave Images is a graphics...Ch. 4 - Communication Your friend, Daniel Nat, recently...Ch. 4 - Financial statements The following is an excerpt...Ch. 4 - Financial statements and loan Assume that you...

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