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Review the balance sheet presented above for possioble errors and make any comments about it...

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Accounting

Review the balance sheet presented above for possioble errors and make any comments about it below.

Balance Sheet
Assets
Current Assets
Cash 10,000
Accounts Receivables 12,000
Inventory (20,000)
Total Current Assets 2,000
Fixed Assets
Building 100,000
Equipment 50,000
Accumulated Depreciation 75,000
Total Fixed Assets 225,000
Total Assets 227,000
Liabilities
Current Liabilities
Accounts Payable 8,000
Accrued Wages 10,000
Unearned Revenue 5,000
Payroll Liabilities (2,000)
Total Current Liabilities 21,000
Long-Term Liabilities
Bank Line of Credit 35,000
Equipment Loan 25,000
Total Long-Term Liabilities 60,000
Total Liabilities 81,000
Equity
Shareholder Draws 5,000
Retained Earnings 150,000
Total Equity 155,000
Total Liabilities & Equity 236,000

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