I have attached a balance sheet that has an error. Identify the error, and explain WHY it is an error.
As of September 30, 2019 Accrual Basis Sep 30, 19 ASSETS Current Assets Checking/Savings 105 Wells Fargo Checking 512,870.80 Total Checking/Savings 512,870.80 Other Current Assets 110 Accounts Receivables 118 Schwab-Short term 58,905.81 6,044.42 1,062,889.52 119 Schwab-Total Return 1,128,739.55 Total Other Current Assets Total Current Assets 1,841,810.35 Fixed Assets Building 150 624 Coffman 755,000.00 Total Building 755,000.00 Office Equipment & Furniture 155 Office Furniture & Equipmen 160 Accum Depr-Office Furn & Eq 23,852.08 23,852.06 Total Office Equipment & Furniture 0.00 Total Fixed Assets 755,000.00 Other Assets 300.00 5,053.00 175 Prepaid Expenses 180 Security Deposits Asset Total Other Assets 5,353.00 TOTAL ASSETS 2401,963.35 LIABILITIES & EQUITY Liabilities Current Liabilities Accounts Payable 200 Accounts Payable 111.94 Total Accounts Payable 111.04 Other Current Liabilities 210 Accrued Vacation 31,878.04 1,498.48 -1,534.98 235 PT Insurance 240 PT Med Page 1 Accrual Basis As of September 30, 2019 Sep 30. 19 245 PT Retirement 2,150.34 Total Other Current Liabilities 33,991.0 Total Current Liabilities 34,103.84 34,103.84 Total Liabilities Equity 310 Designated Funds 305.1 Erin Arsenault Memorial 5,441.02 58,161.52 23,810.11 4,176.27 150,040.72 310.1 Direct Aid 310.2 Community Development 310.3 Facilities 310.4 Operating Reserve 239,838.64 Total 310 Designated Funds 320 Unrestricted General Fund Net Income 48,397.23 179,823.64 2,367,859.5 Total Equity TOTAL LIABILITIES & EQUITY 2,401,963.35 As of September 30, 2019 Accrual Basis Sep 30, 19 ASSETS Current Assets Checking/Savings 105 Wells Fargo Checking 512,870.80 Total Checking/Savings 512,870.80 Other Current Assets 110 Accounts Receivables 118 Schwab-Short term 58,905.81 6,044.42 1,062,889.52 119 Schwab-Total Return 1,128,739.55 Total Other Current Assets Total Current Assets 1,841,810.35 Fixed Assets Building 150 624 Coffman 755,000.00 Total Building 755,000.00 Office Equipment & Furniture 155 Office Furniture & Equipmen 160 Accum Depr-Office Furn & Eq 23,852.08 23,852.06 Total Office Equipment & Furniture 0.00 Total Fixed Assets 755,000.00 Other Assets 300.00 5,053.00 175 Prepaid Expenses 180 Security Deposits Asset Total Other Assets 5,353.00 TOTAL ASSETS 2401,963.35 LIABILITIES & EQUITY Liabilities Current Liabilities Accounts Payable 200 Accounts Payable 111.94 Total Accounts Payable 111.04 Other Current Liabilities 210 Accrued Vacation 31,878.04 1,498.48 -1,534.98 235 PT Insurance 240 PT Med Page 1 Accrual Basis As of September 30, 2019 Sep 30. 19 245 PT Retirement 2,150.34 Total Other Current Liabilities 33,991.0 Total Current Liabilities 34,103.84 34,103.84 Total Liabilities Equity 310 Designated Funds 305.1 Erin Arsenault Memorial 5,441.02 58,161.52 23,810.11 4,176.27 150,040.72 310.1 Direct Aid 310.2 Community Development 310.3 Facilities 310.4 Operating Reserve 239,838.64 Total 310 Designated Funds 320 Unrestricted General Fund Net Income 48,397.23 179,823.64 2,367,859.5 Total Equity TOTAL LIABILITIES & EQUITY 2,401,963.35
