Your firm has been engaged to examine the financial statements of Almaden Corpor

Question

Your firm has been engaged to examine the financial statements of Almaden Corporation for the year 2014. The bookkeeper who maintains the financial records has prepared all the unaudited financial statements for the corporation since its organization on January 2, 2009. The client provides you with the information below.

ALMADEN CORPORATION
BALANCE SHEET
DECEMBER 31, 2014

Assets

Liabilities

The supplementary information below is also provided.

Analyze the above information to prepare a corrected balance sheet for Almaden in accordance with proper accounting and reporting principles. Prepare a description of any notes that might need to be prepared. The books are closed and adjustments to income are to be made through retained earnings. (List current assets in order of liquidity. Enter account name only and do not provide descriptive information.)

ALMADEN CORPORATION
Balance Sheet
December 31, 2014

Assets

Liabilities and Stockholders' Equity

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ALMADEN CORPORATION
BALANCE SHEET
DECEMBER 31, 2014

Assets

Liabilities

Current assets $1,887,340 Current liabilities $968,820 Other assets 5,198,860 Long-term liabilities 1,486,390 Capital 4,630,990 $7,086,200 $7,086,200

Explanation / Answer

Your firm has been engaged to examine the financial statements of Almaden Corpor

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