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