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

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

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Cabana Services Co. Balance Sheet For the Year Ended August 31, 2010 Liabilities Assets Current liabilities: Accounts receivable Accum. depr.-building Accum. depr.-equipment Net income Current assets: $ 41,250 260,100 55,440 75,000 $ 15,840 Cash Accounts payable 20,370 4,950 14,400 Supplies Prepaid insurance Total liabilities Land 180,000 $431,790 $235,560 Total current assets Property, plant, and equipment: Building Equipment Total property, plant, and equipment Owner's Equity $ 4,020 515,610 $470,100 Wages payable Hector Delgado, capital 129,000 Total owner's equity Total liabilities and 519.630 715,860 Total assets $951,420 owner's equity $951,420