The manager of City News, Inc., prepared the company's balance sheet as of May 31, 2021, while the company's accountant was ill. The balance sheet contains numerous errors. In particular, the manager knew that the balance sheet should balance, so she plugged in the stockholders' equity amount needed to achieve this balance. The stockholders' equity amount is not correct. All other amounts are accurate. (Click the icon to view the manager's balance sheet.) Read the requirements. Requirement 1. Prepare the correct balance sheet and date it properly. Compute total assets, total liabilities, and stockholders' equity First prepare the balance sheet header, then complete the assets section of the statement. Finally, complete the liabilities and stockholders' equity section of the statement. (Do not classify the balance sheet into current and long-term sections. In the first part complete the assets section of the balance sheet. In the second part complete the liabilities and stockholders' equity section of the balance sheet. If an input field is not used in the balance sheet, leave the field empty; do not select a label or enter a zero.) More info Assets Cash City News, Inc. Balance Sheet May 31, 2021 $ 10,000 Notes receivable Liabilities $ 15,800 Equipment 35,600 Interest expense 2,100 Accounts payable 6,500 Office supplies 700 Utilities expense 1,400 Accounts receivable 2,600 50,000 Advertising expense 400 Note payable 74.000 01.000 Tadal More info Cash Equipment $ 10,000 Notes receivable $ 15,800 35,600 Interest expense 2,100 Accounts payable 6,500 Office supplies 700 Utilities expense 1,400 Accounts receivable 2,600 50,000 Advertising expense 400 Note payable Land 81,000 Total 71,200 3,000 Salary expense Stockholders' Equity 66,700 Stockholders' equity $ 137,00 $ 137,900 Total assets Total liabilities Requirement 2. Is City News actually in better (or worse) financial position than the erroneous balance sheet reports? Give the reason for your answer. City News is in liabilities have financial position because stockholders' equity has by by and Requirement 3. Identify the accounts listed on the incorrect balance sheet that should not be reported on the balance sheet. State why you excluded them from the correct balance sheet you prepared for Requirement 1. On which financial statement should these accounts appear? Requirement 3. Identify the accounts listed on the incorrect balance sheet that should not be reported on the balance sheet. State why you excluded them from the correct balance sheet you prepared for Requirement 1. On which financial statement shoul! these accounts appear? The accounts 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