Dan Shoo, manager of Amco 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, Click the loon to view the financial data.) Requirements 1. Prepare the correct balance sheet and date it property Compute total assets, total liabilities, and shareholders' equity 2. Is Amco Inc. actually in better or worse financial position than the erroneous balance sheet reports? Give the reason for your answer. 3. Identify the accounts listed on the incorrect balance sheet that are not 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? Requirement 1. Prepare the correct balance sheet and date it property. Compute total assets, total liabilities, and shareholders' equity core Prepare the corrected balance sheet. Begin by preparing the header, and then complete the body of the balance sheet (Leave any unused cells blank.) www pipisy woor, ww, IST Worked: Prepare the corrected balance sheet. Begin by preparing the header, and then complete the body of the balance sheet. nt Score Amco Inc. pts: Balance Sheet As at July 31, 2020 Assets Liabilities Question 1 Total liabilities Shareholders' Equity Total assets Total liabilities and shareholders' equity Amco Inc. Balance Sheet For the Month Ended July 31, 2020 Assets Liabilities Cash $ 14,000 $ 8,500 14,000 Store fixtures Accounts payable Rent expense Salaries expense Land Advertising expense Accounts receivable Sales revenue Interest expense Note payable Total 14,500 50,000 700 7.700 4,500 1,600 72,900 39,000 2,200 Shareholders' Equity Shareholders' equity Total liabilities and 10,900 Total assets $ 83,800 shareholders' equity $ 83,800