The statement of financial position of Tanana Co was prepared by a trainee accountant. Subsequent checking by
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Question:
The statement of financial position of Tanana Co was prepared by a trainee accountant. Subsequent checking by the chief financial officer revealed the following errors:
1. | A bank overdraft of 18,000 had been treated as a bank balance. |
2. | A property had suffered an impairment loss of 38,000, which had not been recognised. |
3. | A long-term loan for 30,000 from theSouthern Bank had been treated as capital introduced. |
The chief financial officer also discovered that the equity figure of
292,000
was simply the balancing figure on the statement of financial position.
What is the correct equity figure for inclusion in the statement of financial position?
The correct equity figure for inclusion in the statement of financial position is
enter your response here.
Related Book For
Cornerstones of Managerial Accounting
ISBN: 978-0176530884
2nd Canadian edition
Authors: Maryanne M. Mowen, Don Hanson, Dan L. Heitger, David McConomy, Jeffrey Pittman
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