Big Screen Scripts is a service$-$type enterprise in the entertainment field, and its manager, William Pippin, has only a limited knowledge of accounting. Pippin prepared the following balance sheet, which, although arranged satisfactorily, contains certain errors with respect to such concepts as the business entity and asset valuation. Pippin owns all of the corporation's outstanding stock.

BIG SCREEN SCRIPTS

Balance Sheet

NOVEMBER $30,$ CURRENT YEAR

$\backslash$table$[[$Assets$,,$Liabilities & Owner's Equity$],[$Cash$,5,150,$Liabilities:$],[$Notes Receivable,$2,700,$Notes payable$],[$Accounts Receivable,$2,450,$Accounts Payable$],[$Land$,70,000,$Total liabilities $$$102,805$