Ned Robinson, the manager of Lunenberg Times Inc., pre
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Ned Robinson, the manager of Lunenberg Times Inc., prepared the balance sheet of the company while the accountant was
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Ned Robinson, the manager of Lunenberg Times Inc., prepared the balance sheet of the company while the accountant was ill. The balance sheet contains numerous errors. In particular, the manager knew that the balance sheet should balance, so he plugged in the shareholders' equity amount needed to achieve this balance. The shareholders' equity amount, however, 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 Lunenberg Times 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 in the incorrect balance sheet that are not reported on the corrected balance sheet. State why you excluded them from the correct balance sheet you prepared for Requirement 1. Which financial statement should these accounts appear on?
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