Explain the errors in the Asheville Company balance sheet and the correct presentation for the balance sheet. Incorporate into your discussion the accounting equation and further comment on why financial statements are important to any given end user. Finally, why is it important for you as business students, to understand the accounting cycle and the process that leads to the financial statement preparation?

Asheville Company Balance Sheet For the Year Ended December 31, 2018 Assets Land Accounts payable $100,000 10,000 12,500 10,000 115,000 $247,500 Common stock Liabilities Equipment Retained earnings... Wages payable. $125,000 120,000 2,500 $247,500 Explain the errors in the Asheville Company balance sheet and the correct