Project I - Balance Sheet

Problem A-IV Balance Sheet Form. List the corrections positive to present in good form the balance woodworking plane below. Errors include misclassifications, lack of adequate disclosure, and poor terminology. Do non concern yourself with the arithmetic. If an item can be sort out in more than one category, select the category most kick upstairs by the authors of your textbook. List the item that is incorrect and how it should be shown. bask do not try to restate the balance sheet. west Corporation Balance Sheet For the year ended celestial latitude 31, 2010 Assets Current Assets: specie$ 18,000 calling securities ( decorous time nurture, $32,000)27,000 Trading securities should be reported at the fair value Accounts receivable75,000 merchandise enrolment60,000 Must note inventory costing method utilise Supplies inventory3,000 This is actually a Supplies on Hand or prepay Expense and is listed last nether Current Assets Stock investment funds in subsidiary federation 60,000$243,000 Stock investments would be a farseeing-term investment below non-current assets Long Term Investments: Treasury stock78,000 This should be listed chthonic Owners Equity as a reduction tactual Fixed Assets: Should be Property, Plant, and Equipment Buildings and land213,000 Less: appropriate for dispraise 60,000153,000 check should be Accumulated Depreciation - Buildings Deferred Charges: Unamortized send packing on bonds payable3,000 This is a contra- financial obligation account and needs to be depart to long term liabilities Other Assets: Cash surrender value of life insurance 54,000 Cash surrender is a long term investment$531,000 Liabilities and Capital Current Liabilities: Accounts payable$ 45,000 Reserve for income taxes42,000 Income Taxes due; listed correctly as a current liability Customers accounts with credit balances 3$ 87,003 This would be Unearned Revenue and is classified correctl! y as a current liability Long-Term...If you requirement to get a unspoiled essay, order it on our website: OrderCustomPaper.com

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