You and your friend Sha from ACC100 have been studying for the final exam. Sha is very uncertain about the structure of the balance sheet and shows you a practice balance sheet, provided below. Sha 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 Sha a balance sheet in good form using the correct format AND with the correct retained earnings amount.

Excellent Computer Systems Ltd.
Balance Sheet
Year ending December 31, 2021
ASSETS
	Cash	9,500
	Office supplies	1,100
	Prepaid insurance	2,400
	Inventory	3,000
	Accounts receivable	9,200
	Prepaid rent	900
	Deferred revenue	2,000
	Equipment	113,000
TOTAL ASSETS			141,100
LIABILITIES AND EQUITY
	Interest payable	6,500
	Salaries payable	2,200
	Accumulated depreciation	12,500
	Note payable (due in 2022)	38,500
	Accounts payable	1,000
	Income tax payable	1,000
	Dividends	(5,000)
	Retained earnings (INCORRECT!)	33,400
	Profit	11,000
	Owners capital	40,000
TOTAL LIABILITIES AND EQUITY			141,100

What is the correct amount of total liabilities?

What is the correct amount of retained earnings?

What is the correct amount of long-lived assets?

What is the correct amount of total equity?

What is the correct amount of current liabilities?

What is the correct amount of long-term liabilities?

What is the correct amount of total assets?

What is the correct amount of current assets?

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

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