User Account

All Pages

The following classified balance sheet has numerous errors

Assignment Help Accounting Basics
Reference no: EM13575890

The following Classified Balance Sheet has numerous errors. Indicate the errors in this Balance Sheet by preparing a corrected Classified Balance Sheet with all required information.

Assets, Liailities and Net Worth

Building, at cost $18000                         Accumluated Depreciation $4500

Land, appraised value $9000                 Note Payable (due 2015) $5000

Inventory, retail price $10000                 Wages payable $2100

                                                                Capital Stock $12000

Accounts receivable $2500                      Retained Earnings $3500

Accounts payable ($3600)                       Total Liabilities $27100

Cash $2200                                              Amount needed to balance $11000

Total Assets $38100                                Total Liab. and Net Worth $38100

Additional Information:
Land has an original cost of $3,000 and inventory cost the company $5,000.

Reference no: EM13575890

Questions Cloud

Unfortunately a quick scan of the business news will : unfortunately a quick scan of the business news will normally result in reports of unethical business behavior. to
The estimated long-term real growth rate of the economy is : assume that the consensus required rate of return on common stocks is 14 percent. in addition you read in fortune that
The ski pro corporation which produces and sells to : the ski pro corporation which produces and sells to wholesalers a highly successful line of water skis has decided to
Suppose you have a bag with five tickets labeled 1224 and : suppose you have a bag with five tickets labeled 1224 and 8. the experiment is to draw two tickets from the bag with
The following classified balance sheet has numerous errors : the following classified balance sheet has numerous errors. indicate the errors in this balance sheet by preparing a
How large must the deposit be how much will be in the : required lump sum payment starting next year you will need 10000 annually for 4 years to complete your education. one
Which is relatively better a score of 79 on a psychology : question which is relatively better a score of 79 on a psychology test or a score of 38 on an economics test?
A cpa firm has audited the financial statements included in : a cpa firm has audited the financial statements included in a form s-1 filed with the sec under the securities act of
Compare and contrast job order costing to process costing : your cfo in her initial work needs to decide whether to set up a job order costing system or a process type costing

Reviews

Write a Review

Accounting Basics Questions & Answers

  During the month of august zannys water ski radio

zanny electronics companyuses a standard cost system to collect costs related to theproduction of its water ski radios.

  Assume berry uses a perpetual inventory system

Prepare the journal entries to record the transaction on the books of Berry Corporation at December 31, 2011. (Assume that the effective interest method is used. Use the interest tables below and round to the nearest dollar.)

  Deductions of lease payment as operating expenses

X company bought many equipment and sub-lease them with some margin to its customers. Customers will own after the lease payments. Question: Can X company claim depreciation of these equipments given of sublease? X company claims deductions of lea..

  Joels principal residence is destroyed in a fire in a

joels principal residence is destroyed in a fire in a federally declared disaster area. the insurance compensates joel

  United states exchanges

The SEC currently requires foreign companies that list shares on U.S. exchanges to provide:

  Gummo company sells many products guzmo is one of its

gummo company sells many products. guzmo is one of its popular items. below is an analysis of the inventory purchases

  What happens to contribution margin per unit

Based on the formulas you have reviewed, what happens to contribution margin per unit when unit selling prices increase? Illustrate your explanation with an example from a fictitious company of how an increase in unit selling prices might affect cont..

  Replenishment of petty cash fund

Prepare journal entries - Replenishment of petty cash fund after $50 used for postage and $25 used fo purchase paper for copier.

  Contribution margin per unit problem

Kaiser's Kraft Korner sells a single product. 7,000 units were sold resulting in $70,000 of sales revenue, $28,000 of variable costs, and $12,000 of fixed costs. Contribution margin per unit is:

  Assume projections are for the golf ball to earn above the

can someone help me do the 2nd and 3rd question of the new ball golf 1. conduct a sensitivity analysis where the

  Date activities units acquired at cost units sold at retail

date activities units acquired at cost units sold at retail mar. 1 beginning inventory 280 units 9.60 2688 mar. 10

  Variance amount-variance percentage

What is the variance amount? What is the variance percentage? Is the variance favorable orunfavorable?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd