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Yousif is a new accountant at Reema Company, he made some errors while preparing Statement...

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Accounting

Yousif is a new accountant at Reema Company, he made some errors while preparing Statement of Financial Position. Yousif errors led to total assets of BHD573,000 and total equity and liabilities BHD592,000.

Required: Identify the errors and recommend how we can correct them

Noncurrent Assets:

BHD

BHD

Equipment, net

86,000

Building, net

41,000

Land

101,300

Total non-current assets

228,300

Current assets:

Inventory, 1 December 2019

3,700

Office supplies

12,000

Notes receivable (due in 2 years)

196,000

Accounts receivable

100,000

Cash

33,000

Total current assets

344,700

Total assets

573,000

Equity:

Capital, 31 December 2018

131,200

Non-Current liability:

Long-term notes payable

198,000

Bank overdraft

48,000

Current liability:

Accounts payable

124,060

Unearned revenue

78,460

Interest payable

12,280

Total current liability

Total liability

234,800

Total equity & liability

592,000

Answer & Explanation Solved by verified expert
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