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Financial Accounting: Ceramics Inc; corrections to balance sheet

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Ceramics, Inc. reported the following balance sheet for the year 2001.

Balance Sheet
For the Year Ending December 31, 2001

Cash $2000
Accounts Payable 500
Inventory 900
Equipment 1000
Land 1500
Total Assets $6000

Accounts Receivable $3000
Accrued Liabilities 1000
Total Liabilities 4000

Stockholders' Equity
Common Stock 1800
Retained Earnings 5100
Total Stockholders' Equity 6900

Total Liabilities and Stockholders' Equity $10900

A) Identify and list the errors in the balance Sheet Above.
B) Prepare a corrected balance sheet.

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Solution Summary

The solution explains the errors and presents a corrected balance sheet in good form.

Solution Preview

Corrected balance sheet is presented below.

Balance Sheet for the year ending December 31, 2001

Assets Cash 2000
Inventory 900
Accounts ...

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