Your firm has been engaged to examine the financial statements of Almaden Corporation for the year 2014. The bookkeeper who maintains the financial records has prepared all the unaudited financial statements for the corporation since its organization on January 2, 2009. The client provides you with the information below.

The supplementary information below is also provided

Analyze the above information to prepare a corrected balance sheet for Almaden in accordance with proper accounting and reporting principles. Prepare a description of any notes that might need to be prepared. The books are closed and adjustments to income are to be made through retained earnings. (List current assets in order of liquidity. Enter account name only and do not provide descriptive information.)

  

ALMADEN CORPORATION BALANCE SHEET DECEMBER 31, 2014 Assets Liabilities Current liabilities Long-term liabilities Capital Current assets $967,380 $1,886,180 5,186,526 Other assets 1,445,970 4,659,356 $7,072,706 $7,072,706