The following Classified Balance Sheet has numerous errors. Indicate the error

    The following Classified Balance Sheet has numerous errors. Indicate the errors in this Balance Sheet by preparing a corrected Classified Balance Sheet with
    all required information.

    Assets Liailities and Net Worth

    Building at cost $18000 Accumluated Depreciation $4500

    Land appraised value $9000 Note Payable (due 2015) $5000

    Inventory retail price $10000 Wages payable $2100

    Capital Stock $12000

    Accounts receivable $2500 Retained Earnings $3500

    Accounts payable ($3600) Total Liabilities $27100

    Cash $2200 Amount needed to balance $11000

    Total Assets $38100 Total Liab. and Net Worth $38100

    Additional Information:
    Land has an original cost of $3000 and inventory cost the company $5000.

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