Question
In: Accounting
Balance Sheet For the Year Ended December 31 Assets Current assets: Cash $7,170 Accounts payable 7,500...
Balance Sheet
For the Year Ended December 31
Assets
Current assets:
Cash $7,170
Accounts payable 7,500
Supplies 2,590
Prepaid insurance 800
Land 24,000
Total current assets $42,060
Property, plant, and equipment:
Building $43,700
Equipment 29,250
Total property, plant, and equipment 72,950
Total assets $131,510
Liabilities
Current liabilities:
Accounts receivable $10,000
Accum. depr.-building 12,525
Accum. depr.-equipment 7,340
Net income 11,500
Total liabilities $41,365
Owner's Equity
Wages payable $1,500
Mark Brock, capital 88,645
Total owner's equity 90,145
Total liabilities and owner's equity $131,510
a. List the errors in the balance sheet.
(1) Date of statement
.
(2) Accounts payable
.
(3) Land
and
.
(4) Accumulated depreciation
from the related fixed asset in the Property, Plant, and
Equipment section.
(5) The amount of total assets
.
(6) Accounts receivable
.
(7) Net income
.
(8) Wages payable
.
b. Prepare a corrected balance sheet.
Mark Brock Services Co.
Balance Sheet
December 31
Assets
Current assets:
$
Total current assets $
Property, plant, and equipment:
$
$
Total property, plant, and equipment
Total assets $
Liabilities
Current liabilities:
$
Total liabilities $
Owner's Equity
Total liabilities and owner's equity $
Solutions
Expert Solution
b.
| Balance Sheet | ||
| As at December 31 | ||
| Assets | ||
| Current Assets | ||
| Cash | $ 7,170 | |
| Accounts Receivable | $ 10,000 | |
| Supplies | $ 2,590 | |
| Prepaid Insurance | $ 800 | |
| Total Current Assets | $ 20,560 | |
| Property Plant and Equipment | ||
| Land | $ 24,000 | |
| Building | $ 43,700 | |
| Accum. Depr.—Building | $ (12,525) | |
| Equipment | $ 29,250 | |
| Accum. Depr.—Equipment | $ (7,340) | |
| Total Property Plant and Equipment | $ 77,085 | |
| Total Assets | $ 97,645 | |
| Liabilities & Owner's Equity | ||
| Current Liabilities | ||
| Accounts Payable | $ 7,500 | |
| Wages Payable | $ 1,500 | |
| Total Current Liabilities | $ 9,000 | |
| Owner's Equity | ||
| Mark Brock, Capital | $ 88,645 | |
| Total Owner's Equity | $ 88,645 | |
| Total Liabilities & Owner's Equity | $ 97,645 |
Errors are already listed, if any description required, kindly comment
ekkarill92 answered 1 year agoRelated Solutions
CABOT CORPORATION Balance Sheet December 31 Assets Liabilities and Equity Cash $ 12,000 Accounts payable $...
CABOT CORPORATION
Balance Sheet
December 31
Assets
Liabilities and Equity
Cash
$
12,000
Accounts payable
$
16,500
Short-term investments
9,600
Accrued wages payable
3,800
Accounts receivable, net
32,800
Income taxes payable
3,900
Merchandise inventory
38,150
Long-term note payable, secured by mortgage on plant
assets
70,400
Prepaid expenses
2,550
Common stock
89,000
Plant assets, net
150,300
Retained earnings
61,800
Total assets
$
245,400
Total liabilities and equity
$
245,400
Required:
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days'...
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ABC Corp. Balance Sheet As of December 31,
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Assets
Liability
Cash
$6,000
Accounts Payable
$3,000
Accounts Receivable
$4,000
Stockholders' Equity
Common Stock
$3,000
Retained Earnings
$4,000
Total Liability and Stockholders' Equity
Total Assets
$10,000
$10,000
1. On January 1st, 2019, ABC Corp bought an equipment for
$2,000. The equipment has a useful life of 5 years and has a
salvage value of $500. The company uses double-declining
depreciation method.
2. On March 1 st, 2019, ABC Corp received $2,400...
ABC Corp. Balance Sheet As of December 31, 2018 Assets Liability Cash $6,000 Accounts Payable $3,000...
ABC Corp. Balance Sheet As of December 31,
2018
Assets
Liability
Cash
$6,000
Accounts Payable
$3,000
Accounts Receivable
$4,000
Stockholders' Equity
Common Stock
$3,000
Retained Earnings
$4,000
Total Liability and Stockholders' Equity
Total Assets
$10,000
$10,000
On January 1st, 2019, ABC Corp bought an equipment
for $2,000. The equipment has a useful life of 5 years and has a
salvage value of $500.
On May 1st, 2018, ABC Corp received $1,200 cash for
services to be performed in the future....
Balance Sheet as of December 31, 2018 (Thousands of Dollars) Cash $ 1,080 Accounts payable $...
Balance Sheet as of December 31, 2018 (Thousands of
Dollars)
Cash
$ 1,080
Accounts payable
$ 4,320
Receivables
6,480
Accruals
2,880
Inventories
9,000
Line of credit
0
Total current assets
$16,560
Notes payable
2,100
Net fixed assets
12,600
Total current liabilities
$ 9,300
Mortgage bonds
3,500
Common stock
3,500
Retained earnings
12,860
Total assets
$29,160
Total liabilities and equity
$29,160
Income Statement for January 1 - December 31, 2018
(Thousands of Dollars)
Sales
$36,000
Operating costs
32,440
Earnings before interest...
Blossom Co. Balance Sheet (Partial) As of December 31, 2017 Cash $19,100 Accounts payable $28,400 Accounts...
Blossom Co.
Balance Sheet (Partial)
As of December 31, 2017
Cash
$19,100
Accounts payable
$28,400
Accounts receivable
$38,200
Notes payable
14,000
Less:
Allowance for doubtful accounts
2,100
36,100
Unearned revenue
2,800
Inventory
61,500
Total current liabilities
$45,200
Prepaid expenses
6,100
Total current assets
$122,800
The following errors in the corporation’s accounting have been
discovered:
1.
Keane collected $4,700 on December 20, 2017 as a down payment
for services to be performed in January, 2018. The company’s
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The Balance Sheet of the Illini as of 12/31/20X0: Assets Current Assets: Cash 1,500,000 Accounts receivable,...
The Balance Sheet of the Illini as of
12/31/20X0:
Assets
Current Assets:
Cash 1,500,000
Accounts receivable, net 18,000
Inventory 50,000
Total current assets 1,568,000
Equipment 90,000
Goodwill 20,000
Total assets $1,678,000
Liabilities and shareholders' equity
Shareholders' equity:
Common stock, 20,000 shares outstanding, $1 par 20,000
Additional paid-in capital 280,000
Retained earnings 1,378,000
Total shareholders' equity 1,678,000
Total liabilities and shareholders' equity 1,678,000
Note that all additional paid-in capital (APIC) sub accounts
(e.g., APIC-options and APIC-treasury stock), if any, are tracked...
The Balance Sheet of the Illini as of 12/31/20X0: Assets Current Assets: Cash 1,500,000 Accounts receivable,...
The Balance Sheet of the Illini as of
12/31/20X0:
Assets
Current Assets:
Cash 1,500,000
Accounts receivable, net 18,000
Inventory 50,000
Total current assets 1,568,000
Equipment 90,000
Goodwill 20,000
Total assets $1,678,000
Liabilities and shareholders' equity
Shareholders' equity:
Common stock, 20,000 shares outstanding, $1 par 20,000
Additional paid-in capital 280,000
Retained earnings 1,378,000
Total shareholders' equity 1,678,000
Total liabilities and shareholders' equity 1,678,000
Note that all additional paid-in capital (APIC) sub accounts
(e.g., APIC-options and APIC-treasury stock), if any, are tracked...
Assets Current assets: Cash $7,170 Accounts payable 7,500 Supplies 2,590 Prepaid insurance 800 &n
Assets
Current assets:
Cash
$7,170
Accounts payable
7,500
Supplies
2,590
Prepaid insurance
800
Land
24,000
Total
current assets
$42,060
Property, plant, and equipment:
Building
$43,700
Equipment
29,250
Total property, plant, and
equipment
72,950
Total assets
$131,510
Liabilities
Current liabilities:
Accounts receivable
$10,000
Accum. depr.-building
12,525
Accum. depr.-equipment
7,340
Net income
11,500
Total
liabilities
$41,365
Owner's Equity
Wages payable
$1,500
Mark Brock, capital
88,645
Total owner's equity
90,145
Total
liabilities and owner's equity
$131,510
a. List the errors in the balance...
Assets Current assets: Cash $7,170 Accounts payable 7,500 Supplies 2,590 Prepaid insurance 800 &n
Assets
Current assets:
Cash
$7,170
Accounts payable
7,500
Supplies
2,590
Prepaid insurance
800
Land
24,000
Total
current assets
$42,060
Property, plant, and equipment:
Building
$43,700
Equipment
29,250
Total property, plant, and
equipment
72,950
Total assets
$131,510
Liabilities
Current liabilities:
Accounts receivable
$10,000
Accum. depr.-building
12,525
Accum. depr.-equipment
7,340
Net income
11,500
Total
liabilities
$41,365
Owner's Equity
Wages payable
$1,500
Mark Brock, capital
88,645
Total owner's equity
90,145
Total
liabilities and owner's equity
$131,510
a. List the errors in the balance...
BALANCE SHEET December 31, 20X8 and 20X7 (in thousands) 20X8 20X7 Assets Current assets Cash and...
BALANCE SHEET
December 31, 20X8 and 20X7
(in thousands)
20X8
20X7
Assets
Current assets
Cash and cash equivalents
$3,019
$1,050
Trade receivables
485
450
Prepaid advertising expenses
59
609
Prepaid expenses and other current
assets
175
230
Total current assets
3,738
2,339
Fixed assets, net
3,321
3,926
Total assets
$7,059
$6,265
Liabilities and shareholders' equity
Current liabilities
Accounts payable
$1,070
$ 909
Current maturities of notes payable
42
316
Deferred revenue
1,973
1,396
Other current liabilities
171
12
Total current...
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