PART D: Financial Statements INSTRUCTION: Read the questions carefully and use the information provided in each question to answer that question. Show all your calculation and workings. QUESTION 1 [Time: 20-25 minutes) The CEO of XYZ, Inc., prepared the firm's balance sheet as of December 31,2020, while the accountant was on vacation. However, the balance sheet contains many mistakes. The common stock and total liabilities amount are not correct. All other amounts are accurate, XYZ, Inc. Balance Sheet December 31, 2019 Assets Liabilities Cash 10,000 Notes Receivable 14,200 Salaries 2,750 Rent 1,575 Supplies 32,425 Building 2,200 Notes Payable 4,000 Account Receivable 1,550 Wages 1,600 Account Payable 54,600 Prepaid Expense 1.000 Total Liabilities 74,125 Land 84,000 Stockholder Equity Common Stock 61,650 Total Equity and Total Assets 135.775 Total Liabilities 135,775 Requirements: a Write the correct balance sheet with the proper headings. Calculate total assets, total liabilities, and stockholder' equity. (Rubriken: 0.25 mart for each correct element in the balance sheet including the heading, 0.5 mark for the correct calculations equity Total 25 mars b 1. Identify the accounts that are not supposed to be on the balance sheet. 2. Explain why these accounts should be excluded from the balance sheet and on which financial statement should these accounts appear? Mubrics 0.5 mark for each corect account, 85 mark for correct explanation. Total = 2 marks)