Correction of wrongly stated balance sheet

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Reference no: EM1313631

Correction of wrongly stated balance sheet.

Correct the following balance sheet.

Canfield Corporation Balance Sheet December 31, 2006

Assets	Liabilities and Owners' Equity
Cash	$55,000	Buildings	$325,000
Accounts payable	65,000	Accounts receivable	75,000
Interest receivable	2,0000	Mortgage payable	15,0000
Capital stock	2,00000	Sales revenue	35,0000
Rent expense	6,0000	Equipment	85,000
Retained earnings	145,000	Utilities expense	5,000
Total assets	$545,000	Total liabilities and owners' equity	$99,0000

Reference no: EM1313631

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