The following balance sheet has been submitted to you by an inexperienced bookkeeper. List your suggestions for improvements in the format of the balance sheet. Consider both terminology deficiencies as well as classification inaccuracies. Please list all deficiencies and why they should be adjusted.

Jasper Industries, Inc.
Balance Sheet
For the Period Ended 12/31/10
Fixed Assets—Tangible
Equipment	$110,000
Less:  reserve for depreciation	(40,000)	$  70,000
Factory supplies		22,000
Land and buildings	400,000
Less:  reserve for depreciation	-150,000	250,000
Plant site held for future use		90,000
		$   432,000
Current Assets
Accounts receivable	175,000
Cash	80,000
Inventory	220,000
Treasury stock (at cost)	20,000	495,000
Fixed Assets--Intangible
Goodwill	80,000
Notes receivable	40,000
Patents	26,000	146,000
Deferred Charges
Advances to salespersons	60,000
Prepaid rent	27,000
Returnable containers	75,000	162,000
TOTAL ASSETS		$1,235,000
Liabilities
Current Liabilities
Accounts payable	$140,000
Allowance for doubtful accounts	8,000
Common stock dividend distributable	35,000
Income taxes payable	42,000
Sales taxes payable	17,000	$   242,000
Long-Term Liabilities, 5% debenture bonds, due 2013	500,000
Reserve for contingencies	150,000	650,000
TOTAL LIABILITIES		892,000
Equity
Capital stock, $10.00 par value, issued 12,000 shares with
60 shares held as treasury stock		$150,000
Capital surplus	90,000
Dividends paid	-20,000
Earned surplus	123,000
TOTAL EQUITY		343,000
TOTAL LIABILITIES AND EQUITY		$1,235,000