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
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.