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I need help with questions P1-63A, and P1-59A Construct financial statements) Summarized versions of Santos Corporation's financial statements are given for two recent years. Complete

I need help with questions P1-63A, and P1-59Aimage text in transcribed

Construct financial statements) Summarized versions of Santos Corporation's financial statements are given for two recent years. Complete Santos Corporation's financial statements by determining the missing amounts denoted by the letters. Explain accounting language; apply the accounting equation; evaluate business operations; construct a balance sheet) The manager of Salem News, Inc., prepared the company's balance sheet as of October 31, 2016, while the accountant was ill. The balance sheet contains numerous errors. In particular, the manager knew that the balance sheet should balance, so she plugged in the stockholders' equity amount needed to achieve this balance. The stockholders' equity amount is not correct. All other amounts are accurate. Prepare the correct balance sheet and date it properly. Compute total assets, total liabilities, and stockholders' equity. Is Salem News actually in better (or worse) financial position than the erroneous balance sheet reports? Give the reason for your answer. Identify the accounts listed on the incorrect balance sheet that should not be reported on the balance sheet. State why you excluded them from the correct balance sheet you prepared for Requirement 1. On which financial statement should these accounts appear? Apply underlying accounting concepts; evaluate business operations; construct a balance sheet) Caden Healey is a realtor. He organized the business as a corporation on December 16, 2017. The business received $60,000 cash from Healey and issued common stock. Consider the following facts as of December 31, 2017: Healey has $12,000 in his personal bank account and $48,000 in the business bank account. Healey owes $6, 800 on a personal charge account at a local department store. Healey acquired business furniture for $23, 400 on December 24. Of this amount, the business owes $2,000 on accounts payable at December 31. Office supplies on hand at the real estate office total $2,000. Healey's business owes $132,000 on a note payable for some land acquired for a total price of $168,000. Healey's business spent $15,000 for a Realty First franchise, which entitles him to represent himself as an agent. Realty First is a national affiliation of independent real estate agents. This franchise is a business asset. Healey owes $190,000 on a personal mortgage on his personal residence, which he acquired in 2012 for a total price of $405,000

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