Answered: Çiğli Transportation service Manager's…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

The night manager of Çiğli Transportation Service, who had no accounting background, prepared the following balance sheet for the company at February 28, 2011. The dollar amounts were taken directly from the company’s accounting records and are correct. However, the balance sheet con- tains a number of errors in its headings, format, and the classification of assets, liabilities, and owners’ equity.

Çiğli Transportation service
Manager's Report
8pm Thursday
Assets
Owners' Equity
Capital Stock
Retained Earnings
92.000 TL
Accounts Receivable
70.000 TL
Notes Payable
Supplies
62.000 TL
288.000 TL
Cash
69.000 TL
14.000 TL
Building
80.000 TL
Land
70.000 TL
Automobiles
165.000 TL
Accounts Payable
26.000 TL
468.000 TL
468.000 TL

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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