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Posted: October 15th, 2020
The following Classified Balance Sheet has numerous errors.
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 WorthBuilding, at cost $18000 Accumluated Depreciation $4500Land, appraised value $9000 Note Payable (due 2015) $5000Inventory, retail price $10000 Wages payable $2100Capital Stock $12000Accounts receivable $2500 Retained Earnings $3500Accounts payable ($3600) Total Liabilities $27100Cash $2200 Amount needed to balance $11000Total Assets $38100 Total Liab. and Net Worth $38100Additional Information:Land has an original cost of $3,000 and inventory cost the company $5,000.
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