I. The following balance sheet has been given to you to review.

Required:

List any corrections that need to be made. Errors can be in classification, lack of disclosure, format, or terminology.

Eldorado, Inc.
Balance Sheet
For the Year Ended June 30, 2012
Assets
Current Assets:
Accounts Receivable	$ 37,000
Merchandise Inventory	62,000
Cash	17,000	$116,000
Investments:
Marketable Securities	$ 18,000
Treasury Stock	4,000	22,000
Tangible Assets:
Buildings	$194,000
Less: Reserve for Depreciation	(34,000)	160,000
Other Assets:
Unamortized Portion of Bond Payable Discount		3,000
		$301,000
Liabilities and Stockholders' Equity
Current Liabilities:
Accounts Payable	$ 26,000
Bank Note Payable (due 6/1/2011)	22,000	$ 48,000
Long-Term Liabilities:
Bonds Payable		112,000
Capital Stock:
Common Stock	$ 49,000
Earned Surplus	92,000
		141,000
		$301,000