List the errors you find in the following balance sheet. Prepare a corrected balancesheet. Warburg Services Co.

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

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Warburg Services Co. Balance Sheet For the Year Ended May 31, 2006 Assets Current assets: Cash Accounts payable 4,170 7,250 1,650 2,400 75,000 Prepaid insurance Land Total current assets 90,470 Property, plant, and equipment: Building Equipment $55,500 28,280 Total property, plant, and equipment 104,280 $194,750 Total assets Liabilities Current liabilities: Accounts receivable Accumulated depreciation-building Accumulated depreciation-equipment Net loss $12,500 23,000 16,000 10,000 Total liabilities 61,500 Stockholders' Equity Wages payable Capital stock Retained earnings Total stockholders equity Total liabilities and stockholders' equity 1,500 35,000 96,750 133,250 $194,750