There is more than one error in this balance sheet. Fix It Balance Sheet.pdf

Can you find them all? Identify the errors. What is the correct accounting equation?$\frac{12}{31}\frac{?}{20}2$

Assets

Cash

Accounts receivable

Sales revenue

Inventory

Accounts payable

Equipment

Total assets

$$38,500$

$74,500$

$87,500$

$159,000$

$137,200$

$$2,050,{450}_{?}$

Liabilities and Stockholders' Equity

Liabilities

Short$-$term notes payable

Accumulated depreciation

Supplies expense.

Long$-$term notes payable

Total liabilities

$$45,000$

$590,350$

$2,500$

$720,000$

$$1,357,850$

Stockholders' equity

Common stock

Retained earnings

Total stockholders' equity.

$150,000$

$183,200$

$333,200$

Total liabilities and stockholders' equity

$$1,691,050$