The manager of City Naws, Inc, propared the companys balance sheet as of May 31, 2018, whilo the company's accountant was il. The balanco sheet contains numerous orrons. In particular, the manager knew that the balanco sheot shouid balanco, so she pluggod in the stockholdera oquity amount neaded to achiove this balanco. The staciholdors oquity amount is not comect. All othor amounts arc acourato. @(Cick the ioon bo view the manager's balance sheet.) Road tho recuiromenta. Roqu rement 1. Proparc he correct balanco shoot and date it propery. Compute total assots, total labilites, and stacholders' equity. (Do nat dasaify the balanoo sheot into current and long-torm sections. In tho first and stootoidors, couty socbon of the balance shoot lf box is not usod n the balance shoot, loave the box ompty: do not sciect a label or ontor a zaro.) ho asaots section of the balance sheat In tho ocond part complato the lablitea More Info City News,Inc Balance Sheet Assets Liabilities May 31, 2018 Assets Cash Equipment Accounts payable 6500 Office supplies Utiites expense 5 10000 Notes receivable 35,600 Intoroat oxpanso S 15,800 2,100 700 2,600 Total liabilities 1400 Accounts receivable Stockholders' Equity 50,000 400 Note payable Land 81,000 Tonal Salary expense 3,000Stockholders Equity 71,200 Total liabilitios and stockholderS Total assets Requirement 2. Is City News actually in better for worse) fnancial postion than the erroneous balance sheet reports? Give the reason for your answer. Stockholders' equty :100 0,700 financal p0Blon because Total ascots $137,900 Total iabilifes S 137,900 by City News isistockholders' equity has iabiies have Print Done Requ rement 3. Idenify the accounts listed on the incomect balance sheet that should not be reported on the balance sheet State why you excluded them from the conrect balance sheet you prepared for Requirement 1. On which financial statement should these accounts appear? The acoounts that are not on the balance sheet are: The accounts that are left off of the balance sheet are excluded because they are These accounts are listed on the Accounting question | Chegg.com