TT 7 b) Ryan Player, the financial officer of Northstar Corp. is planning on expanding the business and has applied for a $2,000,000 bank loan. Joe Smith, a Chartered Accountant and Certified Fraud Examiner was contracted by the bank to review the financial statements of Northstar Corp. Joe discovered that the balances shown below were included in Sales. He also noted the excerpt from the amortization schedule of the mortgage payable which is shown below. Use this information to prepare a corrected classified balance sheet (including all sections). Please note the accounts have been duplicated from above for convenience and are exactly the same. Account Balance Northstar Corp Accounts Receivable. 81,300 Balance Sheet Accumulated Depreciation, Boats 500 For the Year Ended April 30, 2014 Accumulated Depreciation, Machinery. 1,000 Advertising Expense. 1,500 Boats 93,900 Depreciation Expense, Boats. 500 X Depreciation Expense, Machinery. 1,000 Dividends 11,800 Land 105,700 Long-Term Notes Payable... 10,900 Machinery 124,400 Mortgage Payable 225,900 Notes Receivable (due June, 2014). 64,300 Operating Expenses 7,700 Retained Earnings. 29,700 Salaries Payable 17,300 Sales 147,000 Share Capital 63,000 Supplies Expense. 3,200 Included in Sales: Advance Air Ticket Sales Unearned Accommodation Reservations Unearned Bus Tour Revenue 3,600 18,800 8,100 Year 2013 2014 2015 2016 Mortgage Amortization Schedule Principal Balance at April 30 301,600 225,900 150,200 74,500 c) Use the above information to answer each of the following questions: Total current liabilities, as originally reported, was (Select One) by Total long-term liabilities, as originally reported, was (Select One) by TT 7 b) Ryan Player, the financial officer of Northstar Corp. is planning on expanding the business and has applied for a $2,000,000 bank loan. Joe Smith, a Chartered Accountant and Certified Fraud Examiner was contracted by the bank to review the financial statements of Northstar Corp. Joe discovered that the balances shown below were included in Sales. He also noted the excerpt from the amortization schedule of the mortgage payable which is shown below. Use this information to prepare a corrected classified balance sheet (including all sections). Please note the accounts have been duplicated from above for convenience and are exactly the same. Account Balance Northstar Corp Accounts Receivable. 81,300 Balance Sheet Accumulated Depreciation, Boats 500 For the Year Ended April 30, 2014 Accumulated Depreciation, Machinery. 1,000 Advertising Expense. 1,500 Boats 93,900 Depreciation Expense, Boats. 500 X Depreciation Expense, Machinery. 1,000 Dividends 11,800 Land 105,700 Long-Term Notes Payable... 10,900 Machinery 124,400 Mortgage Payable 225,900 Notes Receivable (due June, 2014). 64,300 Operating Expenses 7,700 Retained Earnings. 29,700 Salaries Payable 17,300 Sales 147,000 Share Capital 63,000 Supplies Expense. 3,200 Included in Sales: Advance Air Ticket Sales Unearned Accommodation Reservations Unearned Bus Tour Revenue 3,600 18,800 8,100 Year 2013 2014 2015 2016 Mortgage Amortization Schedule Principal Balance at April 30 301,600 225,900 150,200 74,500 c) Use the above information to answer each of the following questions: Total current liabilities, as originally reported, was (Select One) by Total long-term liabilities, as originally reported, was (Select One) by
