list the errors you find in the following balance sheet prepare a corrected balance 551317
EX 4-13 Balance sheet
List the errors you find in the following balance sheet. Prepare a corrected balance sheet.
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list the errors you find in the following balance sheet prepare a corrected balance 551317
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Poshe Services Co. |
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Balance Sheet |
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For the Year Ended May 31, 2012 |
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Current assets: |
Current liabilities: |
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Cash |
$14,000 |
Accounts receivable |
$32,500 |
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Accounts payable |
24,000 |
Accum. depr.—building |
155,000 |
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Supplies |
6,500 |
Accum. depr.—equipment |
25,000 |
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Prepaid insurance |
12,000 |
Net income |
135,000 |
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Land |
180,000 |
Total liabilities |
$347,500 |
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Total current assets |
$236,500 |
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Property, plant, |
Owner’s Equity |
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and equipment: |
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Building |
$375,000 |
Wages payable |
$2,500 |
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Equipment |
85,000 |
Hector Delgado, capital |
498,500 |
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Total property, plant, |
Total owner’s equity |
501,000 |
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and equipment |
612,000 |
Total liabilities and |
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Total assets . |
$848,500 |
owner’s equity |
$848,500 |
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