The IT manager of Aztec Realty, Inc., prepared the balance sheet of the company while the accountant was ill. The balance sheet contains numerous errors. In par¬ ticular, the IT manager knew that the balance sheet should balance, so she plugged in the retained earnings amount to achieve this balance. The retained earnings amount, however, is not correct. All other amounts are accurate, but some are out of place.

Requirement 1. Prepare a new, corrected balance sheet for Aztec Realty, Inc.

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ASSETS Cash Rent Expense Supplies Expense Salaries Payable Equipment Aztec Realty, Inc. Balance Sheet Month Ended June 30, 2010 $ 9,000 Accounts Payable LIABILITIES $ 200 1,000 Utilities Expense 900 350 Accounts Receivable 1,400 1,750 Notes Payable 5,700 7,500 STOCKHOLDERS' EQUITY Common Stock 8,000 Supplies 800 Retained Earnings 2,600 Total Stockholders' Equity 11,400 Total Liabilities & Total Assets $19,600 Stockholders' Equity $19,600