The IT manager of Valley 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 Valley Realty, Inc?

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Valley Realty, Inc. Balance Sheet Month Ended November 30, 2016 LIABILITIES $ 9,400 Accounts Payable 1,900 Utilities Expense 500 Accounts Receivable 2,150 Notes Payable ASSETS $ 1,800 Cash Rent Expense Supplies Expense Salaries Payable Equipment 700 3,200 5,300 17,300 STOCKHOLDERS' EQUITY 9,000 Common Stock Supplies Retained Earnings Total Stockholders' Equity 440 10,810 20,250 Total Liabilities & Stockholders' Equity Total Assets $31,250 $31,250