List the errors you find in the following balance sheet. Prepare a corrected balancesheet. Warburg Services Co.

List the errors you find in the following balance sheet. Prepare a corrected balancesheet.

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Warburg Services Co. Balance Sheet For the Year Ended May 31, 2006 Assets Liabilities Current assets: Current liabilities Cash Accounts payable Supplies Prepaid insurance Land 4,170 7,250 1,650 2,400 75,000 Accounts receivable Accum. depr-building Accum. depr-equipment Net loss 12,500 23,000 16,000 10,000 61,500 Total liabilities Total current assets $90,470 Property, plant, and equipment: Building Equipment Owner's Equity 55,500 Wages payable 28,280 Erin Gentry, capital Total owners equity Total liabilities and 1,500 131,750 $133,250 Total property, plant, and equipment $104,280 Total assets 194,750 owners equity $194,750