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Transcribed image text: In this section, all questions are worth 2 marks unless indicated otherwise. You and your friend Shaquilla from ACC100 have been studying for the final exam. Shaquilla is very uncertain about the structure of the balance sheet and shows you a practice balance sheet, provided below. Shaquilla could not get the balance sheet to balance. You are told that the retained earnings amount was changed to make the assets equal the liabilities plus equity BUT you both know the retained earnings number is WRONG! You see right away that there are several errors on the statement. Because you are good friends, you decide to produce for Shaquilla a balance sheet in good form using the correct format AND with the correct retained earnings amount. Excellent Computer Systems Ltd. Balance Sheet Year ending December 31, 2021 ASSETS Cash Office supplies Prepaid insurance Inventory Accounts receivable Prepaid rent Deferred revenue Equipment TOTAL ASSETS 9,500 1,100 2,400 3,000 9,200 900 2,000 113,000 141,100 6,500 2,200 LIABILITIES AND EQUITY Interest payable Salaries payable Accumulated depreciation Note payable (due in 2022) Accounts payable 12,500 38,500 1,000 1,000 (5,000) Income tax payable Dividends Retained earnings (INCORRECT!) Profit Owners' capital 33,400 11,000 40,000 TOTAL LIABILITIES AND EQUITY 141,100 Question 53 (2 points) What is the correct amount of total liabilities? Question 54 (1 point) What is the correct heading for this statement? (1 mark) Balance Sheet, December 31, 2021, Excellent Computer Systems Ltd. Excellent Computer Systems Ltd., Balance Sheet, December 31, 2021 Balance Sheet, Excellent Computer Systems Ltd., Year ended December 31, 2021 December 31, 2021, Balance Sheet, Excellent Computer Systems Ltd. Excellent Computer Systems Ltd., Year ended December 31, 2021, Balance Sheet The current title is correct. Question 55 (2 points) What is the correct amount of long-lived assets? Question 56 (2 points) What is the correct amount of retained earnings? A/ Question 57 (2 points) What is the correct amount of current liabilities? A/ Question 58 (2 points) What is the correct amount of long-term liabilities? A/ Question 59 (2 points) What is the correct amount of current assets? Question 60 (2 points) What is the correct amount of total assets? A Question 61 (2 points) What is the correct amount of total equity? A/