The following Classified Balance Sheet has numerous errors. Indicate the errors in this Balance Sheet by preparing a corrected Classified Balance Sheet with all required information.
Thompson Company, Inc.
Trial Balance
For the year ended Dec 31, 2012
Assets Liabilities and Net Worth
| Building at cost |
$18,000 |
Accumulated Depreciation |
$4,500 |
| Land appraised value |
$9,000 |
Note Payable (due 2015) |
$5,000 |
| Inventory retail price |
$10,000 |
Wages payable |
$2,100 |
|
|
Capital Stock |
$12,000 |
| Accounts receivable |
$2,500 |
Retained Earnings |
$1,500 |
| Accounts payable |
$36,001 |
Total Liabilities |
$27,100 |
| Cash |
$2,200 |
Amount needed to balance |
$11,000 |
| Total Assets |
$38,100 |
Total Liab & Net worth |
$38,100 |
Additional Information:
Land has an original cost of $3,000 and inventory cost the company $5,000.