Solution-How many errors can you find in the financial

How many errors can you find in the financial statements

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Reference no: EM13535223

Galaxy Realty, organized October 1, 2008, is owned and operated by Ora Tasker. How many errors can you find in the following financial statements for Galaxy Realty, prepared after its second month of operations?

Galaxy Realty Income Statement November 30, 2008
Sales commissions		$103,800
Expenses:
Office salaries expense	64,800
Rent expense	22,000
Automobile expense	5,000
Miscellaneous expense	1,600
Supplies expense	600
Total expenses		94,000
Net income		$29,800

Ora Tasker Statement of Owner's Equity 30-Nov-07
Ora Tasker, capital, November 1, 2008		$20,800
Less withdrawals during November		4,000
		$16,800
Additional investment during November		5,000
		$21,800
Net income for the month		29,800
Ora Tasker, capital, November 30, 2008		$51,600

Balance Sheet For the Month Ended November 30, 2008
Assets		Liabilities
Cash	$6,600	Accounts receivable	$28,600
Accounts payable	7,600	Supplies	4,000
		Owner's Equity
		Ora Tasker, capital	51,600
Total assets	$14,200	Total liabilities and owner's equity	$84,200

Reference no: EM13535223

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How many errors can you find in the financial statements

Reference no: EM13535223

Reference no: EM13535223

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