list your suggestions for improvement in the format of the balance sheet

30. Balance sheet format. The following balance sheet has been submitted to you by an inexperienced bookkeeper. List your suggestions for improvements in the format of the balance sheet. Consider both terminology deficiencies as well as classification inaccuracies. Jasper Industries, Inc. Balance Sheet For the Period Ended 12/31/14 Assets Fixed Assets-Tangible Equipment $110,000 Less: reserve for depreciation 40,000) $ 70,000 Factory supplies 22,000 Land and buildings 400.000 Less: reserve for depreciation (150.000) 250,000 Plant site held for future use 90.000 $ 432,000 Current Assets Accounts receivable 175,000 Cash 80,000 Inventory 220,000 Treasury stock (at cost) 20.000 495,000 Fixed Assets-- Intangible Goodwill 80,000 Notes receivable 40,000 Patents 26.000 146,000 Deferred Charges Advances to salespersons 60,000 Prepaid rent 27.000 Returnable containers 75.000 162.000 TOTAL ASSETS $1.235.000 Liabilities Current Liabilities Accounts payable $140,000 Allowance for doubtful accounts 8,000 Common stock dividend distributable 35,000 Income tax payable 42,000 Sales tax payable 17.000 $ 242,000 Long-Term Liabilities, 5% debenture bonds, due 500.000 2017 TOTAL EQUITY 343.000 TOTAL LIABILITIES AND EQUITY $1.235.000 Note 1. The reserve for contingencies has been created by charges to earned surplus and has been established to provide a cushion for future uncertainties. Note 2. The inventory account includes only items physically present at the main plant and warehouse. Items located at the company's branch sales office amounting to $40,000 pre excluded since the company has consistently followed this procedure for many years