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Findout the errors on balance sheet

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Reference no: EM13504602

The following classified Balance Sheet has numerous errors. Indicate in this Balance Sheet by describing in words the deficiencies.

Tigeress Company, Inc. Tire Balance For the year ended Dec. 31, 2001

Assets, Liabilities and Net Worth

Building, at cost

$8700

Accumulated Depreciation

$2300

Land, appraised value

$5000

Note Payable (due 2005)

$4000

Inventory, retail price

$6000

Common Stock

$10000

Accounts Receivable

$3500

Retained Earnings

$ 500

Accounts payable

($1600)

Total Liabilities

$16800

Cash

$1200

Amount to balance

$6000

Total Assets

$22800

Total Liab. & Net Worth

$22800

Additional information:

Land has an original cost of $2000 and inventory cost the company $3000.

Reference no: EM13504602

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