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Prepare a corrected classified balance sheet

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Reference no: EM131816369

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.

Reference no: EM131816369

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