Empire Realty, organized May 1, 2012, is owned and operated by Bertram Mitchell. How many errors can you find in the following statements for Empire Realty, prepared after its first month ofoperations?

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Empire Realty Income Statement May 31, 2012 $233,550 Expenses: Rent expense Automobile expense 49,500 3,600 1,350 Supplies expense 211,500 67,050 Total expenses. Bertram Mitchell Statement of Owner's Equity May 31, 2011 Less withdrawals during May.. 9,000 37,800 11,250 S 49,050 67,050 $116,100 Net income for May Bertram Mitchell, capital, May 31, 2012 Balance Sheet For the Month Ended May 31, 2012 Assets Liabilities 9,000 Owner's Equity 116,100 ...._ . . .........S31,950 Total liabilities and owner's equity... ....$189450 Bertram Mitchell, capital Total assets