Up North Company recently hired a new accountant whose
Question and Solution
Up North Company recently hired a new accountant whose first task was to prepare the financial statements for the year
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Up North Company recently hired a new accountant whose first task was to prepare the financial statements for the year ended December 31, 2014. The following is what she produced: The owner of the company, James Prideaux, is confused by the statements and has asked you for your help. He doesn't understand how, if his owner's capital account was $90,000 at December 31, 2013, owner's equity is now only $29,615. The accountant tells you that $29,615 must be correct because the balance sheet is balanced. The accountant also tells you that she didn't prepare a statement of owner's equity because it is an optional statement. You are relieved to find out that, even though there are errors in the statements, the amounts used from the accounts in the general ledger are the correct amounts. Instructions Prepare the correct multiple-step income statement, statement of owner's equity, and classifi ed balance sheet. You determine that $6,000 of the loan payable on the equipment must be paid during 2015. Taking It Further Why do we not include both the beginning and the ending merchandise inventory amounts on the balance sheet?
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