List the errors you find in the following partial balance sheet:
Public Sector Management
August 7, 2017For A-PLUS WRITER ONLY
August 7, 2017
EX 9-22 Balance sheet presentation
List the errors you find in the following partial balance sheet:
| Burnt Red Company Balance Sheet December 31, 2014 Assets |
|||
| 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 |
