Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

what are the 11 deficincies in this balance sheet? SI7600 Accounts Receivable, Notes Receivable 553,000 566,000 Total Current Assets Equipment Prepaid Espen 53000 Total Other

image text in transcribed what are the 11 deficincies in this balance sheet?
SI7600 Accounts Receivable, Notes Receivable 553,000 566,000 Total Current Assets Equipment Prepaid Espen 53000 Total Other Assets SI3.000 abilities and Shareholdier's Equity Tel.bilities Accounts Payable Salaries Parwahle Total Current Liabilities Long Term Liabilities Notes Parable S157.000 S000 Inge Pavares Total Long Term Liabilities Shareholder's Equity $68.000 R ed amnings Total Shareholder's Equity Total abilities and Shareholder's Equity the course of your examination, you discover the following information pa walance sheet: g e in the balance sheet is bengkel for . The Company rentis facilities. The bad that Future sale speculation i nclades 1.000 cc The not receivable is d is 2030. The balance of S merest that is de in July 2019, The note payable is due in installments of $20,000 per year over the next year The company's investments consist of marketable equity securities of other op fanagement des not intend to liquidate any investment in the coming year kes follows dditional informatie ssure all of the pr e pares will be incurred within the next year The par value share authorized whares in wend wharestanding of c No par value 100.000 share withonized 60,000 shares issued 60,000 shares outstanding linton Liability deficiencies: Please note what is needed for long term Tinancial statements s in the disclosures to the Begiments: Prepare a trected balance sheet in excelsing the original balance sheet and the additional information listed - Identify and explain the deficiencies in the balance sheet that was only prepared by the company's l l deficiencies in the There are a section section they c and in the equity th e additional disclosures These deficiencies include items that are misclassified as well as on the face of the financialm ent or the notes to the financial

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Recommended Textbook for

Economics Of Money Banking And Financial Markets

Authors: Frederic Mishkin

5th Edition

0134734203, 978-0134734200

More Books

Students also viewed these Finance questions