April 30, 2018 Assets Liabilities Cash 11,500 Notes receivable $ 15,000 38,500 Interest expense 2,500 Equipment Accounts payable 3,500 Office supplies 1,200 Utilities expense 2,100 Accounts receivable 2,500 53,000 Advertising expense 700 Note payable Land 74,200 80,000 Total 4,000 Salary expense Stockholders' Equity Stockholders' equity 66,100 $ 140,300 $ 140,300 Total assets Total liabilities Requirements 1. 2. Prepare the correct balance sheet and date it properly. Compute total assets, total liabilities, and stockholders' equity. Is News Writer actually in better (or worse) financial position than the erroneous balance sheet reports? Give the reason for your answer. Identify the accounts listed on the incorrect balance sheet that should not be reported on the balance sheet. State why you excluded them from the correct balance sheet you prepared for Requirement 1. On which financial statement should these accounts appear? 3. The manager of News Writer, Inc., prepared the company's balance sheet as of April 30, 2018, while the company's accountant was ill. The balance sheet contains numerous errors. In particular, the manager knew that the balance sheet should balance, so she plugged in the stockholders' equity amount needed to achieve this balance. The stockholders' equity amount is not correct. All other amounts are accurate. (Click the icon to view the manager's balance sheet.) Read the requirements. News Writer Inc. Balance Sheet April 30, 2018 Assets Liabilities Cash 11,500 Note payable 1,200 Accounts payable 53,000 3,500 Office supplies Accounts receivable Equipment 2,500 38,500 Total liabilities 56,500 Notes receivable 15,000 Stockholders' Equity Stockholders' equity 66,100 68,700 Total assets 122,600 Total liabilities and stockholders' equity Requirement 2. Is News Writer actually in better (or worse) financial position than the erroneous balance sheet reports? Give the reason for your answer. News Writer is in worse financial position because stockholders' equity has increased by $ and liabilities have decreased by $ Requirement 3. Identify the accounts listed on the incorrect balance sheet that should not be reported on the balance sheet. State why you excluded them from the correct balance sheet you prepared for Requirement 1. On which financial statement should these accounts appear? The accounts that are not on the balance sheet are: The accounts that are left off of the balance sheet are excluded because they are These accounts are listed on the