List the errors you find in the following balance sheet. Prepare a corrected balance sheet. Poshe Services

List the errors you find in the following balance sheet. Prepare a corrected balance sheet.

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Poshe Services Co. Balance Sheet For the Year Ended May 31, 2012 Assets Liabilities Current assets: Current liabilities: $ 14,000 24,000 $ 32,500 155,000 Cash..... Accounts receivable.. . Accounts payable Supplies Prepaid insurance Accum. depr.-building ... Accum. depr.-equipment.. 6,500 25,000 12,000 Net income .... 135,000 Land..... 180,000 Total liabilities . $347,500 Total current assets . $236,500 Property, plant, and equipment: Stockholders' Equity $ 2,500 Wages payable Capital stock.... Retained earnings.. Total stockholders'equity .... Building..... Equipment.. Total property, plant, and equipment .. $375,000 150,000 85,000 348,500 501,000 612,000 Total liabilities and $848,500 stockholders' equity .... Total assets $848,500