The IT manager of Highland Realty, Inc., prepared the balance sheet of the company while the accountant was ill. The balance sheet contains numerous errors. In particular, the IT manager knew that the balance sheet should balance, so she plugged in the retained earnings amount to achieve this balance. The retained earnings amount, however, is not correct. All other amounts are accurate, but some are out of place.

Requirement
Prepare a new, corrected balance sheet for Highland Realty, Inc?

Transcribed Image Text:

Highland Realty, Ino. Balance Sheet Month Ended September 30, 2016 ASSETS LIABILITIES $ 9,000 Accounts Payable 2,400 Utilities Expense 150 Accounts Receivable 1,100 Notes Payable 8,300 $ 2,000 400 Cash Rent Expense Supplies Expense Salaries Payable Equipment 1,400 5,700 STOCKHOLDERS' EQUITY 9,000 Common Stock Supplies Retained Earnings Total Stockholders' Equity Total Liabilities & Stockholders' Equity 600 1,850 11,450 Total Assets $20,950 $20,950