The following Classified Balance Sheet has numerous errors. Indicate the errors in this Balance Sheet...
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The following Classified Balance Sheet has numerous errors. Indicate the errors in this Balance Sheet by preparing a corrected Classified Balance Sheet with all required information.
Additional Information:
Land has an original cost of $3,000 and inventory cost the company $5,000.
Thompson Company, lnc Trial Balance For the year ended Dec. 31, 2012 Assets, Liabilities and Net Worth $18,000 $4,500 $5,000 $2,100 $12,000 $3,500 $27,100 $11,000 $38,100 Accumulated Depreciation Building, at cost Land, appraised value Inventory, retail price $9,000Note Payable (due 2015) $10,000 Wages payable Capital Stock Retained Earnings Accounts receivable Accounts payable Cash Total Assets $2,500 (3,600) Total Liabilities $2,200 Amount needed to balance Total Liab. & Net worth $38,100
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