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

REQUIRED - Answer the questions below with the numbers that would appear on a CORRECT balance sheet.

Terrific Computer Systems Ltd.
Balance Sheet
Year ending December 31, 2021
ASSETS
	Cash	6,520
	Office supplies	1,045
	Prepaid insurance	800
	Inventory	2,750
	Accounts receivable	3,525
	Prepaid rent	650
	Deferred revenue	1,280
	Equipment	65,350
TOTAL ASSETS			81,920
LIABILITIES AND EQUITY
	Interest payable	1,250
	Salaries payable	2,500
	Accumulated depreciation	12,570
	Note payable (due in 2022)	18,000
	Accounts payable	1,455
	Income tax payable	950
	Dividends	(3,000)
	Retained earnings (INCORRECT!)	28,655
	Profit	7,540
	Owners capital	12,000
TOTAL LIABILITIES AND EQUITY			81,920

Question 10 (2 points)

Question 10 options:

What is the correct amount of total equity?

Question 11 (2 points)

Question 11 options:

What is the correct amount of current liabilities?

Question 12 (2 points)

Question 12 options:

What is the correct amount of long-lived assets?

Question 13 (2 points)

Question 13 options:

What is the correct amount of long-term liabilities?

Question 14 (2 points)

Question 14 options:

What is the correct amount of total assets?

Question 15 (2 points)

Question 15 options:

What is the correct amount of total liabilities?

Question 16 (2 points)

Question 16 options:

What is the correct amount of current assets?

Question 17 (1 point)

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

Question 17 options:

	December 31, 2021, Balance Sheet, Terrific Computer Systems Ltd.
	Terrific Computer Systems Ltd., Year ended December 31, 2021, Balance Sheet
	Terrific Computer Systems Ltd., Balance Sheet, December 31, 2021
	Balance Sheet, December 31, 2021, Terrific Computer Systems Ltd.
	The heading above is correct.
	Balance Sheet, Terrific Computer Systems Ltd., Year ended December 31, 2021

Question 18 (2 points)

Question 18 options:

What is the correct amount of retained earnings?