Assets
Current assets:
Cash	$7,170
Accounts payable	7,500
Supplies	2,590
Prepaid insurance	800
Land	24,000
Total current assets		$42,060
Property, plant, and equipment:
Building	$43,700
Equipment	29,250
Total property, plant, and equipment		72,950
Total assets		$131,510
Liabilities
Current liabilities:
Accounts receivable	$10,000
Accum. depr.-building	12,525
Accum. depr.-equipment	7,340
Net income	11,500
Total liabilities		$41,365
Owner's Equity
Wages payable	$1,500
Mark Brock, capital	88,645
Total owner's equity		90,145
Total liabilities and owner's equity		$131,510

a. List the errors in the balance sheet.

(1) Date of statement . (2) Accounts payable . (3) Land and . (4) Accumulated depreciation from the related fixed asset in the Property, Plant, and Equipment section. (5) The amount of total assets . (6) Accounts receivable . (7) Net income . (8) Wages payable .

b. Prepare a corrected balance sheet.

Mark Brock Services Co.
Balance Sheet
December 31
Assets
Current assets:
		$
Total current assets			$
Property, plant, and equipment:
		$
	$
Total property, plant, and equipment
Total assets			$
Liabilities
Current liabilities:
		$
Total liabilities			$
Owner's Equity
Total liabilities and owner's equity			$