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Help me identify the 11 accounts with deficiencies please. I'm not getting all 11. ACC201 Chapter 3 Assignment You recently joined the internal auditing department
Help me identify the 11 accounts with deficiencies please. I'm not getting all 11.
ACC201 Chapter 3 Assignment You recently joined the internal auditing department of Marcus Clothing Corporation. As one of your first assignments, you are examining the balance sheet below that was prepared by a staff accountant. In the course of your examination, you uncover the following information pertaining to the balance sheet: 1. The company rents its facilities. The land that appears in the statement is being held for future sale. 2. The notes receivable account contains one note that is due in 2023. The balance of $53,000 includes $3,000 of accrued interest. The next interest payment is due in July 2022. 3. The notes payable account contains one note that is due in installments of $20,000 per year. All interest is payable annually. 4. The company's investments consist of marketable equity securities of other corporations. Management does not intend to liquidate any investments in the coming year. REQUIRED: Identify 11 accounts with deficiencies, including items that require additional disclosure or notes. Explain each deficiency and categorize by account type (asset, liability, or equity) using proper grammar, punctuation, and spelling. Report your findings to your manager using PowerPoint and preparing 3-5 slides. Please note: you may NOT use other presentation software for this assignment. You have access to the Microsoft suite of products free through your Student Services tab in Wavenet. ACC201 Chapter 3 Assignment Marcus Clothing Corporation Balance Sheet December 31, 2021 Assets Current Assets: Cash Accounts Receivable (net) Notes Receivable Inventory Investments Total Current Assets Other Assets: Land Equipment (net) Prepaid Expenses (for the next 12 months) Patent (net) Total Other Assets Total Assets $ 137,000 80,000 $ 53,000 $ 240,000 $ 66,000 $ 576,000 $ 200,000 $ 320,000 $ 27,000 $ 22,000 N. $ 569,000 $ 1,145,000 $ $ 125,000 32,000 157,000 Liabilities and Stockholders' Equity Current Liabilities: Accounts Payable Salaries Payable Total Current Liabilities Long-term Liabilities: Notes Payable (due in 5 years) Bonds Payable Interest Payable Total Long-term Liabilities Total Liabilities Stockholders' Equity: Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity $ 100,000 $ 300,000 $ 20,000 $ $ 420,000 577,000 $ 500,000 $ 68,000 568,000 $ 1,145,000Step by Step Solution
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