Problem #2 8 Points The following balance sheet contains...
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Accounting
Problem #2 8 Points The following balance sheet contains errors. Mark Brock Services Co. Balance Sheet For the Year Ended December 31 Assets Liabilities Current assets: Current liabilities: Cash Accounts payable Supplies Prepaid insurance Land s 7,170 7,500 2,590 800 24,000 Accounts receivable Accum. depr.-building Accum. depr.--equipment 10,000 12,525 7,340 Net income Total current assets S 42,060 Total liabilities $ 41,365 Stockholders' Equity Property, plant, and equipment: Building Equipment Total property, plant, Wages payable Common stock Retained Earnings S 1,500 86,645 2,000 $43,700 29,250 72,950 Total stockholders' equity Total liabilities and and equipment 90,145 Total assets $131.510 stockholders' equity $131.510 (a) List the errors in the balance sheet above and (b) prepare a corrected balance sheet
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