The following balance sheet was prepared for Atlas Services Co.

a. List any errors in the preceding balance sheet.
b. Prepare a corrected balance sheet.

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ATLAS SERVICES cO. Balance Sheet For the Year Ended May 31, 20Y5 Assets Current assets: $ 12,000 47,900 Cash..... Accounts payable. Supplies...... Prepaid insurance. Land ..... 4,800 17,400 400,000 Total current assets $482,100 Property, plant, and equipment: Building .... Equipment . Total property, plant, and equipment. Total assets $225,000 90,000 315,000 $797,100