Question 80 (1 point)

What is the correct heading for this statement? (1 mark)

Question 80 options:

	The current title is correct.
	Balance Sheet, Excellent Computer Systems Ltd., Year ended December 31, 2021
	Excellent Computer Systems Ltd., Balance Sheet, December 31, 2021
	Excellent Computer Systems Ltd., Year ended December 31, 2021, Balance Sheet
	Balance Sheet, December 31, 2021, Excellent Computer Systems Ltd.
	December 31, 2021, Balance Sheet, Excellent Computer Systems Ltd.

Question 81 (2 points)

Question 81 options:

What is the correct amount of total assets?

Question 82 (2 points)

Question 82 options:

What is the correct amount of total equity?

Question 83 (2 points)

Question 83 options:

What is the correct amount of current assets?

Question 84 (2 points)

Question 84 options:

What is the correct amount of long-lived assets?

Question 85 (2 points)

Question 85 options:

What is the correct amount of total liabilities?

Question 86 (2 points)

Question 86 options:

What is the correct amount of current liabilities?

Question 87 (2 points)

Question 87 options:

What is the correct amount of long-term liabilities?

Question 88 (2 points)

Question 88 options:

What is the correct amount of retained earnings?

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. REQUIRED - Answer the questions below with the numbers that would appear on a CORRECT balance sheet. Excellent Computer Systems Ltd. Balance Sheet Year ending December 31, 2021 JASSETS Cash 9,500 Office supplies 1,100 Prepaid insurance 2,400 Inventory 3,000 Accounts receivable 9,200 Prepaid rent 9001 Deferred revenue 2,000 Equipment 113,000 TOTAL ASSETS 141,100 6,500 2,200 12,500 38,500 LIABILITIES AND EQUITY Interest payable Salaries payable Accumulated depreciation Note payable (due in 2022) Accounts payable Income tax payable Dividends Retained earnings (INCORRECT!) Profit Owners' capital 1,000 1,000 (5,000) 33,400 11,000 40,000 TOTAL LIABILITIES AND EQUITY 141,100