Example-2 The following balance sheet contains errors. . a) Prepare a corrected balance sheet. (EOINTE eva biopowevo looyiopo) Assets Current Assets Cash..... Liabilities Current Liabilities: Accounts receivable...... $ 6,170 $9,000 13,525 Account payable.. Accum. Depr-building.... Supplies Accum. Depr-equipment 6,340 8,500 1,590 345 25,000 Prepaid insurance Net Income................. 12.500 Land Total current assets $41,605 Total liabilities..... 41,365 Property, plant, and equipment: Owner's Equity Wages payable... $ 500 $45,500 28.250 Andreou, capital..... Total owner's equity..... 74.490 $74.990 Building.......... Equipment......... Total property, plant, equipment Total assets and $73.750 $116.355 Total liabilities and owner's equity........ $116.355