Eric Wood, CPA, was organized on January 1, 2015, as a proprietorship. List the 12 errors that you find in the following financial statements for the three months ended March 31, 2015. Eric Wood, CPA Income Statement For the Three Months Ended March 31, 2015 Fees earned Operating expenses Salary expense Rent expense Wages expense Utilities expense Miscellaneous expense Answering service expense Supplies expense Total operating expenses Net income $42,000 $9,735 5,200 3,950 3,225 4,000 2,550 4,000 $14.000 Eric Wood, CPA Statement of Owner's Equity March 31, 2015 Eric Wood, capital, January, 1, 2015 Investment on January 1, 2015 Net income for the 3 months $20,000 14,000 36,000 Less withdrawals Increase in owner's equity Eric Wood, capital, March 31, 2015 31.000 $31,000 Balance Sheet For the Three Months Ended March 31, 2015 Assets Land Cash $13,000 Eric Wood, capital 10,860 2,670 Accounts receivable 925 Total liabilities and $33.225 owner's equity $31,000 Liabilities Accounts payable Supplies Total assets 2.225 $33.225