20 Ce ncial unt P1-31A Dan Shoe, the manager of STRIDES Inc., prepared the company's balance sheet while the accountant was ill. The balance sheet contains numerous errors. In particular, Shoe knew that the balance sheet should balance, so he plugged in the shareholders' equity amount needed to achieve this balance. The shareholders' equity amount is not correct. All other amounts are accurate A STRIDES Inc. Balance Sheet For the Month Ended July 31, 2020 B C D Liabilities 3 22 Assets Cash $ 25,000 Accounts receivable $ 20,000 4 Store fixtures 10,000 Sales revenue 80,000 5 Accounts payable 16,000 Interest expense + 800 6 Rent expense x 4,000 Note payable 9,000 7 Salaries expense x 15,000 Total 109.800 8 Land 44,000 9 Advertising expense + 3,000 Shareholders' Equity 10 Shareholders' equity 7,200 11 Total assets $ 117,000 Total liabilities and shareholders' equity $ 117,000 12 Requirements 1. Identify the accounts listed on the incorrect balance sheet that should not be reported on the balance sheet. On which financial statement should these accounts appear? 2. Prepare the correct balance sheet and date it properly. 3. Is STRIDES Inc. actually in better or worse financial position than the erroneous balance sheet reports? Give the reason for your