Your friend, Daniel recently began work as the lead accountant for the Asheville Company. Daniel prepared the following balance sheet for 31 December 2018: assets: land $100000 accounts payable $10000 accounts receivable $12500 cash $10000 daniel nat, capital $235000 total assets: $367500 liabilities: equipment $125000 wages payable $2500 total liabilities: $127500 instructions: 1. write a brief explanations to Daniel explaining the errors in the Ashville Company balance sheet. 2. Draw a correct presentation for the balance sheet
Your friend, Daniel recently began work as the lead accountant for the Asheville Company. Daniel prepared the following balance sheet for 31 December 2018: assets: land $100000 accounts payable $10000 accounts receivable $12500 cash $10000 daniel nat, capital $235000 total assets: $367500 liabilities: equipment $125000 wages payable $2500 total liabilities: $127500 instructions: 1. write a brief explanations to Daniel explaining the errors in the Ashville Company balance sheet. 2. Draw a correct presentation for the balance sheet
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter12: Intangibles
Section: Chapter Questions
Problem 10MC
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Your friend, Daniel recently began work as the lead accountant for the Asheville Company. Daniel prepared the following balance sheet for 31 December 2018:
assets:
land $100000
accounts payable $10000
cash $10000
daniel nat, capital $235000
total assets: $367500
liabilities:
equipment $125000
wages payable $2500
total liabilities: $127500
instructions:
1. write a brief explanations to Daniel explaining the errors in the Ashville Company balance sheet.
2. Draw a correct presentation for the balance sheet
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