The following classified balance sheet has numerous errors, Ask an Expert

Accounting

The following Classified Balance Sheet has numerous errors. Indicate the errors in this Balance Sheet by preparing a corrected Classified Balance Sheet with all required information.

Assets, Liailities and Net Worth

Building, at cost $18000 Accumluated Depreciation $4500

Land, appraised value $9000 Note Payable (due 2015) $5000

Inventory, retail price $10000 Wages payable $2100

Capital Stock $12000

Accounts receivable $2500 Retained Earnings $3500

Accounts payable ($3600) Total Liabilities $27100

Cash $2200 Amount needed to balance $11000

Total Assets $38100 Total Liab. and Net Worth $38100

Additional Information:
Land has an original cost of $3,000 and inventory cost the company $5,000.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9953467

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