Lynn Benedict, the bookkeeper for London Company, has been trying to get the statement of financial position

Question:

Lynn Benedict, the bookkeeper for London Company, has been trying to get the statement of financial position to balance. The company€™s statement of financial position is shown below.

Instructions
Explain to Lynn Benedict in a memo why the original statement of financial position is incorrect, and what should be done to correctit.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Financial accounting

ISBN: 978-1118285909

IFRS Edition

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel

See More Books

Question Posted: Mar 11, 2013 06:09 AM

See More Questions

For years, the U.S. government has been trying to get Japan and the European Union to expand their economies faster. Explain how more rapid growth in Japan would affect the U.S. economy.
In alphabetical order below is statement of financial position items for Grande Company Ltd. at December 31, 2017. Kit Grande is the owner of Grande Company Ltd. Prepare a statement of financial...
Below are accounts from statement of financial position and Income statement dated on December 31, 2020 for Bens Inc., a merchandising business. All amounts are expressed in Canadian dollars and...
A rectangular pontoon 10m long 7m broad & 2.5m deep weights 686.7KN. It carries on its upper deck an empty boiler of 5m diameter weighing 588.6 KN. The centre of gravity of the boiler and pontoon are...
What is the purpose of paging the page tables?
At the end of its fifth year of operation, Oates Tannery experienced the following: Revenue $1,200,000 Variable cost 480,000 Contribution margin 720,000 Fixed costs 320,000 Operating Income 400,000...
Describe the population ecology perspective on organization survival? LO.1
Assume Safe Runner Products, Inc., purchased conveyor-belt machinery. Classify each of the following expenditures as a capital expenditure or an immediate expense related to machinery: a. Purchase...
The Little Theatre is a nonprofit organization devoted to staging plays for children. The theater has a very small full-time professional administrative staff. Through a special arrangement with the...
Imagine a decision task in which you are to choose between two alternatives that involve blindly drawing a single chip from one of two urns, labeled A and B respectively. Both urns contain colored...
Mary and Jack Gray, local golf stars, opened the Chip-Shot Driving Range Company on March 1, 2011. They invested $25,000 cash and received ordinary shares in exchange for their investment. A caddy...
Barons Repair Ltd. Was started on May 1. A summary of May transactions is presented below. 1. Shareholders invested 10,000 cash in the business in exchange for ordinary shares. 2. Purchased equipment...
What is noncontrolling interest?
5. Consider the classes below and determine what is printed out by the client code. public class V { public void one(){ System.out.print("it"); } public void two(){ System.out.print("go"); } } public...
Consider the following closed economy short-run IS-LM model with income taxation. The economy is described by equations (1) through (6): (1) C = 200 + 0.8(Y -T); (2) T = 800+0.25Y;(3) G = 500; (4) 1...
(30 pts) A binary search tree is given, write a method to delete a node from the tree. Assume the successor and predecessor methods are provided, partial code is provided below. Finish the reset of...
Reminder: Formatting is always important in your code (comments, indentation, variable names, etc.) And please always start your Java code file with a multi-line comment listing the name of the...
An element is the majority of a size-n array A [1...n] if it occurs more than 1 times in the array. Design a O(log n) time algorithm to find the majority of A in the EREW PRAM model using n...
Wilkinson Co. is considering the following alternative financing plans. Income tax is estimated at $40 \%$ of income. Determine the earnings per share of common stock, assuming income before bond...
Define the essential properties of the following types of operating systems: a. Batch b. Interactive c. Time sharing d. Real time e. Network f. Parallel g. Distributed h. Clustered i. Handheld
What is the purpose of conducting an effectiveness analysis?
The accounting cycle is important in understanding the accounting process. Instructions Write a memo to your instructor that lists the steps of the accounting cycle in the order they should be...
Describe the parts of a T account.
State the rules of debit and credit as applied to (a) Asset accounts, (b) Liability accounts, and (c) The owners equity accounts (revenue, expenses, owners drawing, and owners capital).
Deacon Company is a merchandising company that is preparing a budget for the three - month period ended June 3 0 th . The following information is available Deacon Company Balance Sheet March 3 1...
Mango Company applies overhead based on direct labor costs. For the current year, Mango Company estimated total overhead costs to be $460,000, and direct labor costs to be $230,000. Actual overhead...
Which of the following do we expect to be the horizon growth rate for a company (long term growth rate- say 30-50 years)? A) Inflation B) Industry Average C) Zero D) Market Beta

Lynn Benedict, the bookkeeper for London Company, has been trying to get the statement of financial position

Question:

LONDON COMPANY Statement of Financial Position For the Month Ended December 31, 2011 Assets Liabilities Equipment Cash Supplies £25.500 9.000 2.000 Accounts payable(8.000) 28.500 Share capital ordinary 26.000 Accounts receivabie Retained earnings Notes payable (6.000) (2.000) 0.500 £28.500

Step by Step Answer:

To Lynn Benedict From Student I have received the statement of financial position of London Company ...View the full answer

Financial accounting

Students also viewed these Accounting questions