ACC349- termediate Accounting You recently joined the intimalaiting department of Marcus Clothing Coca As one of your f a c t, you camining a balance sheet prepared by l accountantThe Balance Sheets below a Marcus Clothing Corporation Balance Shes $66.000 Son $320.000 Equipement, et Prepaid Expo 2000 Total Other Assets Liabilities and Shareholder's Equity Current Liabilities Accounts Payable Salaries Payable Total Carti Notes Para Ne Bonds Payable 5000.00 Total Long Term Liabilities Retained Earnings Total Shorelder's Equity Total Lities and Shareholder's Equity In the course of your examination, you never the following informace pr balance sheet o the I The Company rent its facilities. The land that appears in the balance sheet is being held for future sale/ speculation includes $100 2. The more receiveis de 2000. The balance interest that is in July 2019 3. The note payable is due in installments of $20,000 per year over the years The company's investments consist of marketable equity securities o der Management does not intend to liquidate any imm ent in the coming you Assume all of the prepaid expens will be incurred within the next year The par value, share authorized shar e d and share outstanding of s k a folk 60,000 shares issued a ns un standing d Hinton Liability deficiencies: Please note what is needed for long term financial statements is the disclosure motos to the Megi Pre a embalance she is in the wine whethe a d 2. Identify and explain the deficiencies in the balance sheet the wa y the y There are a ll of ll deficiencies in the asset section in the the These deficienci ACC349- termediate Accounting You recently joined the intimalaiting department of Marcus Clothing Coca As one of your f a c t, you camining a balance sheet prepared by l accountantThe Balance Sheets below a Marcus Clothing Corporation Balance Shes $66.000 Son $320.000 Equipement, et Prepaid Expo 2000 Total Other Assets Liabilities and Shareholder's Equity Current Liabilities Accounts Payable Salaries Payable Total Carti Notes Para Ne Bonds Payable 5000.00 Total Long Term Liabilities Retained Earnings Total Shorelder's Equity Total Lities and Shareholder's Equity In the course of your examination, you never the following informace pr balance sheet o the I The Company rent its facilities. The land that appears in the balance sheet is being held for future sale/ speculation includes $100 2. The more receiveis de 2000. The balance interest that is in July 2019 3. The note payable is due in installments of $20,000 per year over the years The company's investments consist of marketable equity securities o der Management does not intend to liquidate any imm ent in the coming you Assume all of the prepaid expens will be incurred within the next year The par value, share authorized shar e d and share outstanding of s k a folk 60,000 shares issued a ns un standing d Hinton Liability deficiencies: Please note what is needed for long term financial statements is the disclosure motos to the Megi Pre a embalance she is in the wine whethe a d 2. Identify and explain the deficiencies in the balance sheet the wa y the y There are a ll of ll deficiencies in the asset section in the the These deficienci
