Lab 5 4 eztomheducation.com/ymuindecim.contund Seved The following trial balance was prepared by Vantage Electronics Corporation, a Canadian private enterprise, as of 21 December 20X5 The adjusting entries for 20X5 have been made, except for any related to the specific information noted below. Vantage Electronics Trial Balance 10 punts 31 December 20x5 Cash Accounts receivable Inventories Equipment Land Building Beerences Prepaid expens Accounts payable Note payable, H Share capital, 2,514 shares outstanding Retained earnings Totals Mc Graw IPC off and $19,000 19,000 15,000 23,200 6,100 7,228 1,030 $ 5,880 10,800 23,400 58,470 $90,550 $98,550 Other information: You find that certain errors and omissions are reflected in the trial balance below. a. The $19,000 balance in accounts receivable represents the entire amount owed to the company; of this amount. $17,800 is from trade customers and 3% of that amount is estimated to be uncollectible. The remaining amount owed to the company represents a long-term advance to its president. b. Inventories include $1100 of goods incorrectly valued at double their cost (ie., reported at $2,200). No correction has been recorded. Office supplies on hand of $500 are also included in the balance of inventories c. When the equipment and building were purchased new on 1 January 20X0 (ie., six years earlier), they had estimated lives of 10 and 25 years, respectively. They have been amortized using the straight-line method on the assumption of zero residual value, and depreciation has been credited directly to the asset accounts. Amortization has been recorded for 20X5. d. The balance in the land account includes a $1,200 payment made as a deposit on the purchase of an adjoining tract. The option to < Prev 4 of 4 DELL Nexto Help Save & Exit Cara me ENG US