EX 9-22 Balance sheet presentation
List the errors you find in the following partial balance sheet:
|
Burnt Red Company |
|||
|
Total current assets |
$350,000 |
||
|
Replacement |
Accumulated |
Book |
|
|
Cost |
Depreciation |
Value |
|
|
Property, plant, and equipment: |
|||
|
Land |
$ 250,000 |
$ 50,000 |
$200,000 |
|
Buildings |
450,000 |
160,000 |
290,000 |
|
Factory equipment |
375,000 |
140,000 |
235,000 |
|
Office equipment |
125,000 |
60,000 |
65,000 |
|
Patents |
90,000 |
— |
90,000 |
|
Goodwill |
60,000 |
10,000 |
50,000 |
|
Total property, plant, and equipment |
$1,350,000 |
$420,000 |
$930,000 |