Erroneous Balance Sheet Cutler Corporation prepared the following balance sheet: Required: Determine the errors and prepare a corrected, properly classified balance sheet. Cutler Corporation Balance Sheet December 31, 2019 Assets Current Assets: Accounts receivable Less: Allowance for doubtful accounts Inventory, at cost Total current assets Long-Term Investments: Cash surrender value of life insurance Sinking fund to retire bonds Total long-term investments Property, Plant, and Equipment: Less: Accumulated depreciation Equipment Less: Accumulated depreciation Total property, plant, and equipment Intangibles: Total Shareholders' Equity Total Liabilities and Shareholders' Equity
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