Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 21 Aug 2017 My Price 11.00

Poshe Services Co.,

Below is the balance sheet for Poshe Services Co., which contains errors.

Poshe Services Co.
Balance Sheet
For the Year Ended August 31, 2014
Assets    
Current assets:    
Cash $21,100  
Accounts payable 33,100  
Supplies 9,600  
Prepaid insurance 17,200  
Land 250,100  
Total current assets   $331,100
Property, plant, and equipment:    
Building $523,100  
Equipment 118,300  
Total property, plant, and equipment   860,400
Total assets   $1,191,500
Liabilities    
Current liabilities:    
Accounts receivable $47,900  
Accum. depr.—building 215,400  
Accum. depr.—equipment 35,000  
Net income 189,400  
Total liabilities   $487,700
Owner's Equity    
Wages payable $3,700  
Hector Delgado, capital 700,100  
Total owner's equity   703,800
Total liabilities and owner's equity   $1,191,500

 

Required:Prepare a corrected balance sheet.

Answers

Maurice Tutor
(5)
Status NEW Posted 21 Aug 2017 01:08 PM My Price 11.00

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