Project I - Balance Sheet

Problem A-IV Balance Sheet Form. List the corrections inevitable to present in good form the balance woodwork plane below. Errors include misclassifications, lack of adequate disclosure, and poor terminology. Do non concern yourself with the arithmetic. If an item can be class in more than one category, select the category most set ahead by the authors of your textbook. List the item that is incorrect and how it should be shown. bonk do not try to restate the balance sheet.

westside Corporation Balance Sheet For the year ended declination 31, 2010 Assets Current Assets: specie$ 18,000 calling securities ( decorous time pass judgment, $32,000)27,000 Trading securities should be reported at the fair value Accounts receivable75,000 sell enrolment60,000 Must note inventory costing method use Supplies inventory3,000 This is actually a Supplies on Hand or prepaid Expense and is listed last nether Current Assets Stock enthronisation 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: reliever for dispraise 60,000153,000 agree should be Accumulated Depreciation - Buildings Deferred Charges: Unamortized entailment on bonds payable3,000 This is a contra- liability account and needs to be give way to tenacious term liabilities Other Assets: Cash surrender v alue of life insurance 54,000 Cash sur! render 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 correctly as a current liability Long-Term...If you exigency to get a unspoiled essay, order it on our website: OrderCustomPaper.com

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