FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question

  1. 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 -
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Transcribed Image Text:### 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 -
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