Project I - Balance Sheet

Problem A-IV Balance sail Form. List the corrections unquestionable to present in right-hand(a) form the balance woodwork plane below. Errors include misclassifications, privation of adequate disclosure, and poor lineinology. Do non concern yourself with the arithmetic. If an point whoremaster be classified in more than one category, award the category most bring forward by the authors of your textbook. List the item that is incorrect and how it should be shown. honor do not fork up to restate the balance sheet.

west Corporation Balance Sheet For the year stop December 31, 2010 Assets up-to-date Assets: currency$ 18,000 Trading securities ( decorous duration value, $32,000)27,000 Trading securities should be report at the fair value Accounts receivable75,000 trade enrolment60,000 Must note muniment costing method used Supplies inventory3,000 This is really a Supplies on render or Prepaid disbursal and is listed last nether Current Assets bank line investing in subsidiary federation 60,000$243,000 Stock investments would be a farseeing-term investment below non- real assets Long confines Investments: Treasury stock78,000 This should be listed chthonic Owners virtue as a reduction tactual Fixed Assets: Should be Property, Plant, and Equipment Buildings and land213,000 less(prenominal): permit for dispraise 60,000153,000 adjudge should be Accumulated disparagement - Buildings Deferred Charges: Unamortized discount on bonds payable3,000 This is a contra-liability account and needs to be locomote to long term liabilities Other Assets: Cash cast off value of life damages 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 mighty as a current liability Customers accounts with trust balances 3$ 87,003 This would be unearned Revenue and is classified correctly as a current liability Long-Term...If you want to get a unspoiled essay, order it on our website: Orderessay

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