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Problem - The following incorrect Balance Sheet was prepared for Browning Corporation as of December 31, 2016.

Browning Corporation Balance Sheet as of December 31, 2016

Cash

$80,000

Accounts payable

$75,000

Accounts receivable (net)

52,200

Bonds payable

100,000

Inventory

57,000

Common Stock

218,500

Investments

76,300



Equipment (net)

96,000



Copyrights

32,000



Total Assets

$393,500

Total Liabilities & Stockholder's Equity

$393,500

Additional information:                                

1. Browning has $3,000 of inventory out on consignment, which is not included in the Inventory account balance, however $3,000 was recorded as an Account Receivable.

2. Browning is trying to sell a piece of equipment it no longer uses.  The equipment has a book value of $1,000.

3. The remaining equipment on Browning's ledger has a $40,000 balance in Accumulated Depreciation.

4. Browning Corporation has key-man insurance with a cash surrender value of $9,400, which is included in the balance of the Cash account.

5. A bank overdraft of $2,500 has been deducted from the Cash account.

Required: Prepare a corrected Balance Sheet in report form.

Attachment:- Assignment.rar

Accounting Basics, Accounting

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