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Category > Accounting Posted 25 Sep 2017 My Price 9.00

Cutler Corporation

Erroneous Balance Sheet - The Cutler Corporation prepared the following balance sheet:

CUTLER CORPORATION Balance Report For Year Ended December 31, 2007
Current Assets	Current Liabilities
Cash	$6,300	Accounts payable	$13,000
Accounts receivable	15,900	Accumulated depreciation: buildings	17,100
Inventory, at higher of cost or market (cost $27,200)	28,000	Wages payable	3,000
Long-Term Investments	Additional paid-in capital on common stock	23,200
Treasury stock (at cost)	1,400	Long-Term Liabilities
Investment in D Company bonds (at book value)	7,300	Bonds payable	$46,000
Marketable securities, short-term at market value	10,000	Less: Sinking fund to retire bonds	-6,000	40,000
Property, Plant, and Equipment	Preferred stock, $50 par	15,000
Land	Premium on preferred stock	5,100
Patents	$8,000	Accumulated depreciation: equipment	7,000
Less: Accumulated amortization	-2,800	5,200	Current taxes payable	9,600
Buildings	40,800	Owners’ Equity:
Equipment	19,000	Common stock, $2 par	8,000
Intangibles	Unrealized gain on write-up of marketable securities to market value		1,300
Trademarks	5,700	Unrealized gain on write-up of marketable securities to market value		800
Other Assets	Retained earnings	16,000
Cash surrender value of life insurance	5,000	Allowance for doubtful accounts	700
Discount on bonds payable	3,900	Total Equities	$159,800
Total Assets	$159,800

Required

1. Identify the errors made in the Cutler balance sheet.

2. Prepare a corrected, properly classified balance sheet

Answers

Maurice Tutor

(5)

Status NEW Posted 25 Sep 2017 09:09 PM My Price 9.00

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