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The following classified balance sheet has numerous errors

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The following Classified Balance Sheet has numerous errors. Indicate the errors in this Balance Sheet by preparing a corrected Classified Balance Sheet with all required information.

Assets, Liailities and Net Worth

Building, at cost $18000                         Accumluated Depreciation $4500

Land, appraised value $9000                 Note Payable (due 2015) $5000

Inventory, retail price $10000                 Wages payable $2100

                                                                Capital Stock $12000

Accounts receivable $2500                      Retained Earnings $3500

Accounts payable ($3600)                       Total Liabilities $27100

Cash $2200                                              Amount needed to balance $11000

Total Assets $38100                                Total Liab. and Net Worth $38100

Additional Information:
Land has an original cost of $3,000 and inventory cost the company $5,000.

Reference no: EM13575890

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