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The following classified Balance Sheet has numerous errors. Indicate in this Balance Sheet by describing in words the deficiencies.
Tigeress Company, Inc. Tire Balance For the year ended Dec. 31, 2001
Assets, Liabilities and Net Worth
Building, at cost
$8700
Accumulated Depreciation
$2300
Land, appraised value
$5000
Note Payable (due 2005)
$4000
Inventory, retail price
$6000
Common Stock
$10000
Accounts Receivable
$3500
Retained Earnings
$ 500
Accounts payable
($1600)
Total Liabilities
$16800
Cash
$1200
Amount to balance
Total Assets
$22800
Total Liab. & Net Worth
Additional information:
Land has an original cost of $2000 and inventory cost the company $3000.
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