PART A: THE BALANCE SHEET Joe is the bookkeeper for the Ashley's Coffee Co. He has been trying to get the company's balance sheet to balance. He finally got it to balance + just plugging in a number to Retained Earnings to make A=L+E), but he still isn't sure that it is correct. ASHLEY'S COFFEE CO. Balance Sheet For the Month Ended December 31, 2017 Assets Liabilities and Stockholders' Equity Notes Payable $7,000 Common stock $15,000 Cash 22,000 Accounts Payable 3,000 Inventory 15,000 Equipment 500 Accounts Receivable 2,500 Land 10,000 Total asset $46,500 earnings Total liabilities and stockholders' equity $46,500 Instructions: Explain to Joe (a) the purpose of a balance sheet, and (b) why this balance sheet is incorrect and what he should do to correct it