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Assignment

The bookeeper for Marsamburetan Foundation submits the following condensed


balance sheet.
Marsamburetan Foundation
Balance Sheet
June 30, 2012
$
$
Current assets
1,008,600 Current liabilities
546,200
Other assets
2,553,600 Other liabilities
360,000
Capital
2,656,000
4,562,200
3,562,200
A review of the account balances mention with above data listed below:
a) An analysis of current assets discloses the following:
Cash
$
Marketable securities held as temporary investment
Receivable
Inventories, including supllies of $2,500
$
b) Other assets include:
Land, building, and equipment, cost $2,660,000
Deposit with a supplier for merchandise ordered for August delivery
Goodwill recorded on the books to covered defisit i in prior years

$
$

c) Current liabilities include:


Payroll payable
Taxes payable
Rent payable
Accounts payable $361,600, less a $6,000 debit balance reported
in the acount of vendor to whom the goods had been returned after
the accoount had been paid in full
Notes payable
d) Other liabilities include:
9% mortgage on land, building, and equipment, payable in
semiannual installment of $36,000 through June 30, 2017
e) Capital includes:
Restricted Equity
Non-restricted Equity

197,000
240,000
229,600
342,000
1,008,600
2,196,000
8,000
349,600
2,553,600
30,600
16,000
48,000

355,600
96,000
546,200

360,000

1,600,000
1,056,000
2,656,000

f) Non-restricted equity of $1,600,000, but defisit of operasional foundation for past


years were charged against the non-restricted equity.
Instructions:
1. Prepare the worksheet to correct above data;
2. Make the jurnals needed to correct the books balance; and
3. Prepare the details item of balance sheet.

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