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I have attached a balance sheet that has an error. Identify the error, and explain WHY it is an error. This is ALL THE INFORMATION
I have attached a balance sheet that has an error. Identify the error, and explain WHY it is an error. This is ALL THE INFORMATION GIVEN. TYPE OF ERROR IS UNKOWN.
Accrual Basis As of September 30, 2019 Sep 30, 19 512,870.80 512,870.80 58,905.61 8.044.42 1,062,889.52 1.128,739.55 1.841,810.35 ASSETS Current Assets Checking/Savings 105 Wells Fargo Checking Total Checking/Savings Other Current Assets 110 Accounts Receivables 118 Schwab-Short term 119 Schwab-Total Return Total Other Current Assets Total Current Assets Fixed Assets Building 150 624 Coffman Total Building Office Equipment & Furniture 155 Office Furniture & Equipmen 160 Accum Depr-Office Furn & Eq Total Office Equipment & Furniture Total Fixed Assets Other Assets 175 Prepaid Expenses 180 Security Deposits Asset Total Other Assets TOTAL ASSETS 755,000.00 755,000.00 23.852.06 -23,852.06 0.00 755,000.00 300.00 5,053.00 5,353.00 2,401,963.35 LIABILITIES & EQUITY Liabilities Current Liabilities Accounts Payable 200 Accounts Payable 111.94 111.04 Total Accounts Payable Other Current Liabilities 210 Accrued Vacation 235 PT Insurance 240 PT Med 31,878.04 1,498.48 -1,534.98 Page 1 Accrual Basis As of September 30, 2019 Sep 30, 19 2,150.34 245 PT Retirement Total Other Current Liabilities 33,991.90 Total Current Liabilities 34,103.84 34,103.84 Total Liabilities 5,441.02 56,161.52 23,810.11 4,176.27 150.049.72 Equity 310 Designated Funds 305.1 Erin Arsenault Memorial 310.1 Direct Aid 310-2 Community Development 310.3 Facilities 310.4 Operating Reserve Total 310 Designated Funds 320 Unrestricted General Fund Net Income Total Equity TOTAL LIABILITIES & EQUITY 239,638.64 1,948,397.23 179.823.64 2.367,850.51 2,401,963.35Step by Step Solution
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