Financial Statements We-Sell Realty, organized August 1, 2019, is owned and operated by Omar Farah. We-Sell Realty Income Statement August 31, 2019 Sales commissions $140,000 Expenses: Office salaries experse $87,000 Rent expense 18,000 Automobile expense 7,500 Miscellaneous expense 2,200 Supplies expense 1,150 Total expenses 115,850 Net income $25,000 Omar Farah Statement of Owner's Equity August 31, 2018 Omar Farah, capital, August 1, 2019 $0 Withdrawals during August (10,000) $(10,000) Investment on August 1, 2019 15,000 $5,000 Net income for August 25,000 Omar Farah, capital, August 31, 2019 $30,000 Balance Sheet For the Month Ended August 31, 2019 Acnte ishilielee Check My Work Balance Sheet For the Month Ended August 31, 2019 Liabilities Assets $38,600 Accounts receivable $8,900 Cash Supplies 22.350 4,000 Accounts payable Owner's Equity Omar Farah, capital 30,000 $72,600 $31,250 Total assets Total liabilities and owner's equity Answer the following questions regarding the errors in the above statements for We-Sell Rea 1. Which of the financial statement(s) display the correct heading? None of the statements. 2. Which of the financial statement(s) co Income Statement and Statement of Owner's Equity cover a period of time? 3.On the income statement, where should the miscellaneous expense be listed? As the last expense. 4. What is the correct net income? 24,150 This error also affects what other account balance? Omar Farah, Capital, August 31, 2019 5. What is the correct total for the total assets? 51,500 What is the correct total for the liabilities