Alpine Realty, Inc., organized July 1, 20Y8, is operated by Angela Griffin. How many errors can you find in the following financial statements for Alpine Realty, Inc., prepared after its first month of operations?

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ALPINE REALTY, INC Income Statement July 31, 20YB 60,000 Operating expenses: Office salaries expense Automobile expense Miscellaneous expense... $20,000 6,000 . . . . Total operating expenses.... ANGELA GRIFFIN Statement of Stockholders Equity July 31, 20Y7 Net income for the month SOD 27,000 Balance Sheet For the Month Ended July 31,20Y7 Assets $32,000 Total assets . .. . Liabilities Land $30,000 Stockholders' Equity Total stockholders' equity. Total liabilities and stockholders' equity 42,000 ALPINE REALTY, INC. Statement of Cash Flows July 31, 20Y8 Cash fl ws from operating activities: Cash fl ws used for investing activities: Cash fl ws from financing a tivities: 60,000 30,000) Cash receipts from retained earnings.................... Net increase in cash during July.................. $57,000