Financial Statement Review Costa Company Balance Sheet Essay

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Total Length: 345 words ( 1 double-spaced pages)

Total Sources: 3

Financial Statement Review

Costa Company

Balance Sheet

Assets

Cash

Accounts Receivable

Equipment (net of depreciation)

Inventory

Total Assets

Liabilities

Accounts Payable

Long-term Debt

Total Liabilities

Stockholder's Equity

Common Stock

Paid in Capital

Retained Earnings

Total Stockholder's Equity

Total Liabilities and Stockholder

Equity

Costa Company

Income Statement

Revenue

Cost of Goods Sold

Gross Profit

Expenses

Depreciation Expense

Insurance

Marketing

Misc Expense

Property Taxes

Salaries

Utilities

Rent

Total Expenses

Net Income

Balance Sheet errors effect the presentation of assets, liabilities, and equity where the Income Statement errors effect the classification of revenues and expenses (Kieso, Weygandt, & Warfield 2008, p 1174).

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The physical count of inventory shows the asset was overstated by $10,000. The omission of the sales transaction and the check showed the cash to be understated by $5,000 and the retained earnings to be overstated by $5,000. On the Income Statement, the Cost of Goods sold was understated by $410,000, Revenue was understated by $5,000, and Net Income was overstated by $5,000.

In determining profitability, the gross profit rate measures sales over….....

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"Financial Statement Review Costa Company Balance Sheet" (2013, August 20) Retrieved May 7, 2025, from
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"Financial Statement Review Costa Company Balance Sheet" 20 August 2013. Web.7 May. 2025. <
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Latest Chicago Format (16th edition)

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"Financial Statement Review Costa Company Balance Sheet", 20 August 2013, Accessed.7 May. 2025,
https://www.aceyourpaper.com/essays/financial-statement-review-costa-company-94873
   

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