The IT manager of Highland Realty, Inc., prepared the balance sheet of the company while the accountant was ill. The balance sheet contains numerous errors. In particular, the IT manager knew that the balance sheet should balance, so she plugged in the retained earnings amount to achieve this balance. The retained earnings amount, however, is not correct. All other amounts are accurate, but some are out of place.

Requirement

Prepare a new, corrected balance sheet for Highland Realty, Inc.

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Highland Realty, Inc. Balance Sheet Month Ended September 30, 2018 ASSETS LIABILITIES $ 9,000| Accounts Payable Utilities Expense Accounts Receivable $ 2,000 400 Cash Rent Expense Supplies Expense Salaries Payable Equipment 2,400 150 1,400 Notes Payable 1,100 8,300 5,700 STOCKHOLDERS' EQUITY Common Stock 9,000 Supplies Retained Earnings Total Stockholders' Equity 600 1,850 11,450 Total Liabilities & Stockholders' Equity Total Assets $20,950 $20,950