Problem 4 5 marks The following partial balance sheet has been submitted to you by an inexperienced bookkeeper. $60,000 22,000 260,000 90.000 $ 432,000 195,000 80,000 1,000 220.000 496,000 80,000 40,000 120,000 TEAK Industries, Inc. Balance Sheet For the Month Ended December 31, 2020 Assets Fixed Assets-Tangible Equipment Patent Land and buildings Plant site hold for future use Current Assets Accounts receivable Cash Petty cash Inventory Fixed Assets-Intangible Goodwill Notes receivable, due 2014 Deferred Charges Prepaid rent Discount on land payable TOTAL ASSETS Liabilities Current Liabilities Accounts payable Allowance for doubtful accounts Common stock dividend distributable Income taxes payable Wages payable Long-Term Liabilities, 5% debenture bonds, due 2016 Accumulated depreciation TOTAL LIABILITIES Shareholder's Equity Common shares Retained earnings TOTAL LIABILITIES AND EQUITY 27,000 75,000 102.000 $1,150,000 $80,000 8,000 35,000 42,000 18,000 500,000 90.000 $ 183,000 590,000 773.000 300,000 77,000 377.000 $1,150,000 Instructions: Briefly describe five distinctive errors found on this statement there are more than five but you only need to list five and if more are provided, they will not be marked). Consider both terminology defidencies as well as classification Inaccuracies