The Following Balance Sheet for XYZ Corporation Has a Number

question 104

Essay

The following balance sheet for XYZ Corporation has a number of format, classification, and terminology deficiencies. Assume that all of the figures are correct.
Balance Sheet
Year Ended December 31, Year 3

assets
current assets:
cash in banks		$11,800
due from customres & employees	$9,700
less reserve for uncollectables	600
bond sinking fund		15,000
inventories		22,320
total current asstes		58,300
property, plamt& equipment
land& builldings		41,000
furniture & fixtures		17,600
used property held for sale		4,000
total		62,500
less accumulated depreciation		19,000
total property and equipment		43,600
deferred charges:
unamortized bond discount		1,200
supplies on hand		2,000
goodwill		14,000
total		17,200
other assets:
treasury stock(at cost)		$6,600
total assets		$124,500
equites
liabilities
accured bond interest expense		$900
accounts & notes payable		21,000
bonds payable		30,000
accumulated other comprehensive income		10,000
total liabilites		61,900

$\begin{array}{|l|l|l|}\hline \text { Net worth: } & & \\\hline \text { Common Shares } & & 40,000 \\\hline \text { Retained earnings } & & 7,600 \\\hline \text { Reserve for bond sinking fund } & & 15,000 \\\hline \text { Total net worth } && 62,600 \\\hline \text { Total equities } && \$ 124,500 \\\hline\end{array}$
Required:
List 10 deficiencies in the above statement.

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