Horngren's Accounting (11th Edition)
Horngren's Accounting (11th Edition)
11th Edition
ISBN: 9780133856781
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
Question
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Chapter 15, Problem 15.1FC
To determine

1. To explain: The effects made on the financial statements and the current ratio due to the adjustments.

To determine

2. To explain: The information in the financial reports that helped to detect this reclassification

To determine

3. To explain: Whether a fraud has occurred

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Lincoln Enterprises had total assets of$880,000 and total liabilities of $540,000 at the beginning of the year. During the year, total liabilities increased by $100,000, and stockholders' equity decreased by $60,000. What is the amount of total assets at the end of the year?
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