Reference no: EM132967592
As the new accountant for Barney Technologies, you notice that their some information has not been included in their account balances.
Barney Technologies
Balance Sheet as at 30 June 2021
Cash18,000
Accounts payable4,500
Office supplies1,500
Merchandise inventory12,000
Accounts receivable3,000
Bank loan27,000
Property and equipment75,000
Owners equity78,000
The following information has not been incorporated to the accounts of Barney at the end of the period.
1. On the 30 June, Barney withdrew $2,000 from the business.
2. Depreciation for the year of $7,500 has not been included.
3. Although the invoice has not arrived, utilities expense for the last month is expected to be $300.
Problem 1: The heading/title of the Balance Sheet is:
a. Correct as it is
b. Incorrect, it should state "For the period ended 30 June 2021
c. Incorrect, it should state "During the year ended 30 June 2021
d. Incorrect, it represents Income Statement items rather than Balance Sheet
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