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Could anyone help me how to fill out these tables? Thanks Question 2 (12 points) v' Saved A new employee working for Simpsons Corporation prepared
Could anyone help me how to fill out these tables?
Thanks
Question 2 (12 points) v' Saved A new employee working for Simpsons Corporation prepared the following financial statements, but unfortunately never took ACCT 215. Simpsons Corporation Statement of Earnings Year Ended December 31, 2018 Sales revenue Operating expenses Land Vehicles Amortization expense Goodwill Supplies expense Total operating expenses Earnings before taxes Income tax expense Net income $265,000 $143,600 56,900 12,850 3,300 1,970 218,620 $ 46,380 7,640 S 38.740 Simpsons Corporation Statement of Changes in Equity Year Ended December 31, 2018 Retained earnings, January 1, 2018 Add: Net income Deduct: Common shares Retained earnings, December 31, 2018 Simpsons Corporation Statement of Financial Position December 31, 2018 Assets $31,675 38,740 7,500 $62,915 5,010 Cash Cash Total cash Accounts receivable Dividends declared Cost of goods sold Patent Total current assets Long-term investments Notes receivable (due January 2018) Prepaid insurance Total long-term investments Capital assets Buildings Trademark Supplies Total capital assets Intangible assets Copyright Total assets 5,010 655 15,000 100,000 4,500 120,155 $ 23,300 41,000 64,300 $ 70,000 150,000 500 220,500 85,600 $496,465 Liabilities and Shareholders' Equity Liabilities Current liabilities Accounts payable Notes payable (due October 31, 2019) Salaries payable Total current liabilities Long-term liabilities Loan payable (due June 15, 2019) Mortgage payable (due February 28, 2031) Accumulated amortization - buildings Inventory Total long-term liabilities Unearned revenue Shareholders' equity Preferred shares, 12,000 shares Retained earnings Total shareholders' equity Total liabilities and shareholders' equity $ 600 17,450 8,500 $ 26,550 $ 50,000 200,000 35,000 100,000 385,000 $ 10000 $ 12000 62,915 84,915 $496,465 Complete the table below by identifying the accounts which are reported incorrectly on the financial statements of Simpsons Corporation. Identify the account title and its correct classification. One error is identified and correctly entered for you. Identify 12 additional errors. Note: Once you click in the table below, you can drag the dotted triangle at the bottom right corner of the text editor window to make it bigger. If you accidentally delete the below table, you can add a new one using the rich-text editor, or try to make your answer as clear as possible using paragraphs and spaces. Format Account Title Correct Classification
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