2.17 LO2 Identify the errors and prepare a classified statement of financial position to reveal account balance errors.

Assets $ Liabilities and shareholders’ equity $

Current assets Current liabilities Cash at bank 17,600 Accounts payable 37,800 Accounts receivable 16,700 Inventory 45,300 Land 123,900 Prepaid insurance 2,100 Supplies used 5,400 Total current liabilities 85,200 Administrative expenses 16,900 Non-current liabilities Total current assets 180,500 Retained earnings 53,700 Non-current assets Long-term debentures 40,000 Buildings 176,700 Short-term note payable 15,000 Equipment 53,800 Accumulated depreciation—buildings 29,400 Intangible assets 45,000 Accumulated depreciation—equipment 23,700 Unearned income 6,400 Total non-current liabilities 161,800 Total non-current assets 181,900 Total liabilities 247,000 Total assets 462,400 Shareholders’ equity Share capital 200,000 Reserves 15,400 Total liabilities and shareholders’ equity 462,400