Homework Answers
The errors are listed Below
1) Presentation Error
Balance Sheet doesn't satisfy the reporting requirements. (Eg Date is not in proper format , Asset and liabilities are not in proper order ).
2) Lack of Comparison Data
No previous year data has been reported
3)Investment and Cash are combined both should be separately shown .
4) Unearned Revenues are not the Receivables , It is not assest of the company those are liabilities as revenue is yet to receive and customers are yet to be served. They should be part of provisions and not the Accounts Receivable.
5)Notes Payable in two years are not considered to be Short Term those are Long term , it's long Liability Liability and not short term . Notes payable within 12 months are considered to be Short term .
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Exercise 3-7 Balance sheet preparation; errors [LO3-2, 3-3) The following balance sheet for the Los Gatos...
Exercise 3-7 Balance sheet preparation; errors [LO3-2, 3-3) The following balance sheet for the Los Gatos Corporation was prepared by a recently hired accountant. In reviewing the statement you notice several errors LOS GATOS CORPORATION Balance Sheet At December 31, 2018 AssetS Cash Accounts receivable Inventories Machinery (net) Franchise (net) $ 70,000 125,000 70,000 135,000 45, 000 $445,000 Total assets Liabilities and Shareholders' Equity Accounts payable $ 80,000 Allowance for uncollectible accounts 20,000 85,000 125,000 135,000 $445,000 Note payable Bonds...
Exercise 3-7 (Static) Balance sheet preparation; errors [LO3-2, 3-3] The following balance sheet for the Los...
Exercise 3-7 (Static) Balance sheet preparation; errors [LO3-2, 3-3] The following balance sheet for the Los Gatos Corporation was prepared by a recently hired accountant. In reviewing the statement you notice several errors. LOS GATOS CORPORATION Balance Sheet At December 31, 2021 Assets Cash $ 40,000 Accounts receivable 80,000 Inventory 55,000 Machinery (net) 120,000 Franchise (net) 30,000 Total assets $ 325,000 Liabilities and Shareholders’ Equity Accounts payable $ 50,000 Allowance for uncollectible accounts 5,000 Notes payable 55,000 Bonds payable 110,000...
The following balance sheet for the Los Gatos Corporation was prepared by a recently hired accountant....
The following balance sheet for the Los Gatos Corporation was prepared by a recently hired accountant. In reviewing the statement you notice several errors. LOS GATOS CORPORATION Balance Sheet At December 31, 2021 Assets Cash Accounts receivable Inventory Machinery (net) Franchise (net) Total assets Liabilities and Shareholders' Equity Accounts payable Allowance for uncollectible accounts Notes payable Bonds payable Shareholders' equity Total liabilities and shareholders' equity $ 68,000 122,000 69,000 134,000 44,000 $ 437,000 $ 78,000 19,000 83,000 124,000 133,000 $...
The following balance sheet for the Los Gatos Corporation was prepared by a recently hired accountant....
The following balance sheet for the Los Gatos Corporation was prepared by a recently hired accountant. In reviewing the statement you notice several errors. LOS GATOS CORPORATION Balance Sheet At December 31, 2018 Assets Cash $ 76,000 Accounts receivable 134,000 Inventories 73,000 Machinery (net) 138,000 Franchise (net) 48,000 Total assets $ 469,000 Liabilities and Shareholders’ Equity Accounts payable $ 86,000 Allowance for uncollectible accounts 23,000 Note payable 91,000 Bonds payable 128,000 Shareholders’ equity 141,000 Total liabilities and shareholders’ equity $...
The following balance sheet for the Los Gatos Corporation was prepared by a recently hired accountant....
The following balance sheet for the Los Gatos Corporation was prepared by a recently hired accountant. In reviewing the statement you notice several errors. LOS GATOS CORPORATION Balance Sheet At December 31, 2018 Assets Cash $ 42,000 Accounts receivable 83,000 Inventories 56,000 Machinery (net) 121,000 Franchise (net) 31,000 Total assets $ 333,000 Liabilities and Shareholders’ Equity Accounts payable $ 52,000 Allowance for uncollectible accounts 6,000 Note payable 57,000 Bonds payable 111,000 Shareholders’ equity 107,000 Total liabilities and shareholders’ equity $...
The following balance sheet for the Los Gatos Corporation was prepared by a recently hired accountant....
The following balance sheet for the Los Gatos Corporation was prepared by a recently hired accountant. In reviewing the statement you notice several errors. LOS GATOS CORPORATION Balance Sheet At December 31, 2018 Assets Cash $ 76,000 Accounts receivable 134,000 Inventories 73,000 Machinery (net) 138,000 Franchise (net) 48,000 Total assets $ 469,000 Liabilities and Shareholders’ Equity Accounts payable $ 86,000 Allowance for uncollectible accounts 23,000 Note payable 91,000 Bonds payable 128,000 Shareholders’ equity 141,000 Total liabilities and shareholders’ equity $...
The following balance sheet for the Los Gatos Corporation was prepared by a recently hired accountant....
The following balance sheet for the Los Gatos Corporation was prepared by a recently hired accountant. In reviewing the statement you notice several errors. LOS GATOS CORPORATION Balance Sheet At December 31, 2021 Assets Cash Accounts receivable Inventory Machinery (net) Franchise (net) Total assets Liabilities and Shareholders' Equity Accounts payable Allowance for uncollectible accounts Notes payable Bonds payable Shareholders' equity Total liabilities and shareholders' equity $ 78,000 137,000 74,000 139,000 49,000 $ 477,000 $ 88,000 24,000 93,000 129,000 143,000 $...
The following balance sheet for the Los Gatos Corporation was prepared by a recently hired accountant....
The following balance sheet for the Los Gatos Corporation was prepared by a recently hired accountant. In reviewing the statement you notice several errors. LOS GATOS CORPORATION Balance Sheet At December 31, 2021 Assets Cash $ 40,000 Accounts receivable 80,000 Inventory 55,000 Machinery (net) 120,000 Franchise (net) 30,000 Total assets $ 325,000 Liabilities and Shareholders’ Equity Accounts payable $ 50,000 Allowance for uncollectible accounts 5,000 Notes payable 55,000 Bonds payable 110,000 Shareholders’ equity 105,000 Total liabilities and shareholders’ equity $...
The following balance sheet for the Los Gatos Corporation was prepared by a recently hired accountant....
The following balance sheet for the Los Gatos Corporation was prepared by a recently hired accountant. In reviewing the statement you notice several errors. $ LOS GATOS CORPORATION Balance Sheet At December 31, 2021 Assets Cash Accounts receivable Inventory Machinery (net) Franchise (net) Total assets Liabilities and Shareholders' Equity Accounts payable Allowance for uncollectible accounts Notes payable Bonds payable Shareholders' equity Total liabilities and shareholders' equity 70,000 125,000 70,000 135,000 45,000 445,000 $ $ 80,000 20,000 85,000 125,000 135,000 445,000...
The following balance sheet for the Los Gatos Corporation was prepared by a recently hired accountant....
The following balance sheet for the Los Gatos Corporation was prepared by a recently hired accountant. In reviewing the statement you notice several errors. $ LOS GATOS CORPORATION Balance Sheet At December 31, 2021 Assets Cash Accounts receivable Inventory Machinery (net) Franchise (net) Total assets Liabilities and Shareholders' Equity Accounts payable Allowance for uncollectible accounts Notes payable Bonds payable Shareholders' equity Total liabilities and shareholders' equity 48,000 92,000 59,000 124,000 34,000 357,000 $ $ 58,000 9,000 63,000 114,000 113,000 357,000...
Exercise 3-7 Balance sheet preparation; errors [LO3-2, 3-3) The following balance sheet for the Los Gatos Corporation was prepared by a recently hired accountant. In reviewing the statement you notice several errors LOS GATOS CORPORATION Balance Sheet At December 31, 2018 AssetS Cash Accounts receivable Inventories Machinery (net) Franchise (net) $ 70,000 125,000 70,000 135,000 45, 000 $445,000 Total assets Liabilities and Shareholders' Equity Accounts payable $ 80,000 Allowance for uncollectible accounts 20,000 85,000 125,000 135,000 $445,000 Note payable Bonds...
The following balance sheet for the Los Gatos Corporation was prepared by a recently hired accountant. In reviewing the statement you notice several errors. LOS GATOS CORPORATION Balance Sheet At December 31, 2021 Assets Cash Accounts receivable Inventory Machinery (net) Franchise (net) Total assets Liabilities and Shareholders' Equity Accounts payable Allowance for uncollectible accounts Notes payable Bonds payable Shareholders' equity Total liabilities and shareholders' equity $ 68,000 122,000 69,000 134,000 44,000 $ 437,000 $ 78,000 19,000 83,000 124,000 133,000 $...
The following balance sheet for the Los Gatos Corporation was prepared by a recently hired accountant. In reviewing the statement you notice several errors. LOS GATOS CORPORATION Balance Sheet At December 31, 2021 Assets Cash Accounts receivable Inventory Machinery (net) Franchise (net) Total assets Liabilities and Shareholders' Equity Accounts payable Allowance for uncollectible accounts Notes payable Bonds payable Shareholders' equity Total liabilities and shareholders' equity $ 78,000 137,000 74,000 139,000 49,000 $ 477,000 $ 88,000 24,000 93,000 129,000 143,000 $...
The following balance sheet for the Los Gatos Corporation was prepared by a recently hired accountant. In reviewing the statement you notice several errors. $ LOS GATOS CORPORATION Balance Sheet At December 31, 2021 Assets Cash Accounts receivable Inventory Machinery (net) Franchise (net) Total assets Liabilities and Shareholders' Equity Accounts payable Allowance for uncollectible accounts Notes payable Bonds payable Shareholders' equity Total liabilities and shareholders' equity 70,000 125,000 70,000 135,000 45,000 445,000 $ $ 80,000 20,000 85,000 125,000 135,000 445,000...
The following balance sheet for the Los Gatos Corporation was prepared by a recently hired accountant. In reviewing the statement you notice several errors. $ LOS GATOS CORPORATION Balance Sheet At December 31, 2021 Assets Cash Accounts receivable Inventory Machinery (net) Franchise (net) Total assets Liabilities and Shareholders' Equity Accounts payable Allowance for uncollectible accounts Notes payable Bonds payable Shareholders' equity Total liabilities and shareholders' equity 48,000 92,000 59,000 124,000 34,000 357,000 $ $ 58,000 9,000 63,000 114,000 113,000 357,000...
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