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The balance sheet for XYZ Corportion has a number of classification and terminology deficiencies. Assume...

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Accounting

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The balance sheet for XYZ Corportion has a number of classification and terminology deficiencies. Assume tthat all of the figures are correct. List 10 deficiencies and their corrections. Be specific!

XYZ- Balance Sheet Year Ended December 31, Year 3 urrent assets Cash in banks I1800 59,700 Due from customers & Less reserve for uncollectibles 5,000 ond sinking fund 320 58,300 nventories Total current assets Property, plant & equipment: 1,000 7,500 and & buildings urniture & fixtures Used property held for sale 500 19,000 3,500 Total ess accumulated depreciation Total property and equipment Deferred charges: Unamortized bond discount Supplies on hand Goodwill Total 1,200 2,000 14,000 7,200 Other assets: Treasury stock (at cost) 5.500 124,500 Total assets Equities Liabilities: Accrued bond interest expense Accounts & notes payable Bonds payable Accumulated Other Comprehensive Income Total liabilities 21,000 10,000 1,900 Net worth: Common Shares Retained earnings 600 eserve for bond sinking fund Total net worth 15,000 62.600 124.500

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