Perform the Reperformance or Recalculation procedures to check the mathematical accuracy of the Balance Sheet. What issue did you find? What is the next step? Create a Corrected version of the Balance Sheet. ### Financial Statement Analysis#### Balance SheetsThe table below portrays the company's financial position as of December 31, 2022, and December 31, 2021. This balance sheet forms a critical part of financial statements, offering insights into what the company owns (assets), owes (liabilities), and the shareholders' equity. #### **Current Assets****As of 12/31/22:**- **Cash: Store front:** $125,498.76- **Cash: Corporate Accounts:** $293,728.03- **Cash: Payroll:** $123,432.43- **Accounts Receivable:** $122,849.12- **Office Supplies:** $7,379.00- **Cooking Supplies:** $4,777.00- **Inventory** - **Ingredients:** $15,190.66 - **Cake Boxes and Cupcake Cups:** $1,423.05 - **Beverages:** $3,340.30- **Total Current Assets:** $702,618.35 **As of 12/31/21:**- **Cash: Store front:** $135,135.15- **Cash: Corporate Accounts:** $210,019.06- **Cash: Payroll:** $124,726.15- **Accounts Receivable:** $193,976.31- **Office Supplies:** $2,604.00- **Cooking Supplies:** $4,713.00- **Inventory** - **Ingredients:** $25,580.90 - **Cake Boxes and Cupcake Cups:** $1,190.10 - **Beverages:** $6,260.80- **Total Current Assets:** $701,204.66#### **Long-term Assets****As of 12/31/22:**- **Equipment:** $150,180.00- **Accumulated Depreciation: Equipment:** -$82,455.00- **Plant & Property:** $350,000.00- **Accumulated Depreciation: Plant & Property:** -$82,500.00- **Land:** $125,000.00- **Total Long-term assets:** $460,225.00**As of 12/31/21:**- **Equipment:** $150,180.00-

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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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Perform the Reperformance or Recalculation procedures to check the mathematical accuracy of the Balance Sheet. What issue did you find? What is the next step? Create a Corrected version of the Balance Sheet.

### Financial Statement Analysis

#### Balance Sheets

The table below portrays the company's financial position as of December 31, 2022, and December 31, 2021. This balance sheet forms a critical part of financial statements, offering insights into what the company owns (assets), owes (liabilities), and the shareholders' equity.

#### **Current Assets**

**As of 12/31/22:**
- **Cash: Store front:** $125,498.76
- **Cash: Corporate Accounts:** $293,728.03
- **Cash: Payroll:** $123,432.43
- **Accounts Receivable:** $122,849.12
- **Office Supplies:** $7,379.00
- **Cooking Supplies:** $4,777.00
- **Inventory**
- **Ingredients:** $15,190.66
- **Cake Boxes and Cupcake Cups:** $1,423.05
- **Beverages:** $3,340.30
- **Total Current Assets:** $702,618.35

**As of 12/31/21:**
- **Cash: Store front:** $135,135.15
- **Cash: Corporate Accounts:** $210,019.06
- **Cash: Payroll:** $124,726.15
- **Accounts Receivable:** $193,976.31
- **Office Supplies:** $2,604.00
- **Cooking Supplies:** $4,713.00
- **Inventory**
- **Ingredients:** $25,580.90
- **Cake Boxes and Cupcake Cups:** $1,190.10
- **Beverages:** $6,260.80
- **Total Current Assets:** $701,204.66

#### **Long-term Assets**

**As of 12/31/22:**
- **Equipment:** $150,180.00
- **Accumulated Depreciation: Equipment:** -$82,455.00
- **Plant & Property:** $350,000.00
- **Accumulated Depreciation: Plant & Property:** -$82,500.00
- **Land:** $125,000.00
- **Total Long-term assets:** $460,225.00

**As of 12/31/21:**
- **Equipment:** $150,180.00
-

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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