Dan Shoe, the manager of STRIDES Inc., prepared the co
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Dan Shoe, the manager of STRIDES Inc., prepared the company's balance sheet while the accountant was ill. The balance
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Dan Shoe, the manager of STRIDES Inc., prepared the company's balance sheet while the accountant was ill. The balance sheet contains numerous errors. In particular, Shoe knew that the balance sheet should balance, so he plugged in the shareholders' equity amount needed to achieve this balance. The shareholders' equity amount is not correct. All other amounts are accurate. Requirements 1. Prepare the correct balance sheet and date it properly. Compute total assets, total liabilities, and shareholders' equity. 2. Is STRIDES Inc. actually in better or worse financial position than the erroneous balance sheet reports? Give the reason for your answer. 3. Identify the accounts listed on the incorrect balance sheet that are not reported on the balance sheet. State why you excluded them from the correct balance sheet you prepared for Requirement 1. On which financial statement should these accounts appear?
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