EX 10-22 Balance sheet presentation
List the errors you find in the following partial balance sheet:
Total current assets $350,000
|
Replacement |
Accumulated |
Book |
|
|
Property, plant, and equipment: |
Cost |
Depreciation |
Value |
|
Land |
$100,000 |
$ 25,000 |
$ 75,000 |
|
Buildings |
256,000 |
90,000 |
166,000 |
|
Factory equipment |
297,000 |
110,000 |
187,000 |
|
Office equipment |
72,000 |
48,000 |
24,000 |
|
Patents |
48,000 |
— |
48,000 |
|
Goodwill |
27,000 |
7,000 |
20,000 |
|
Total property, plant, and equipment |
$800,000 |
$280,000 |
$520,000 |