Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

n 10 The 12/31/25 Idaho Corporation balance sheet is presented: ed out of in Idaho Corporation BALANCE SHEET AS OF DECEMBER 31, 2025 Assets Cash

image text in transcribed
n 10 The 12/31/25 Idaho Corporation balance sheet is presented: ed out of in Idaho Corporation BALANCE SHEET AS OF DECEMBER 31, 2025 Assets Cash Accounts and notes receivable Inventory $40,000 30,000 90.000 $160.000 Liabilities and Capital Accounts and notes payable Common Stock Retained Earnings $20,000 100,000 40.000 $160.000 These errors were made on December 31, 2024 and were not corrected: ending inventory understated $2,400; accrued revenue of $2,100 omitted, and prepaid expense of $2,000 omitted on December 31, 2025, the inventory was overstated $5,000, unearned revenue of $1,800 was omitted, and accrued expense of $600 was omitted. The net income shown by the books for 2025 was $13,200. The corrected Total Assets at 12/31/25 are

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions