accounting 543009
our task is to prepare an income statement and a balance sheet ingood formatafter adjusting for the two errors below.
- A physical count of inventory indicates $70,500 on hand.
- There’s a check for $5,000 from a customer that has not been recorded in the working trial balance. The sale was never recorded in the first place, so the transaction relating to this sale is missing.
In addition:
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- Describe the effect of the errors on the income statement and balance sheet.
- Is this company profitable? How do you determine whether or not this is the case?
- Is the company in a solid financial position? (Comment on balance sheet.)
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12/31/2012 14500 14500 18000 18000 41500 41500 10000 10000 18250 18250 402610 402610 325000 325000 1500 1500 80500 80500 105000 105000 5600 5600 4500 4500 90000 90000 6500 6500 22000 22000 156400 245500 619400 619400 61940 61940 7400 7400 995300 995300 465000 465000 530300 619400 Costa Company Trial Balance (accounts in alphabetical order) Accounts Working Trial Balance Balance Sheet Income Statement Debit Credit Accounts payable Accounts receivable Cash Common stock Depreciation expense Cost of goods sold Equipment (net of depreciation) Insurance Inventory Long-term debt Marketing Misc. expenses Paid-in capital Property taxes Rent Retained earnings Revenues Salaries Utilities Total Net Income $89,100
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