Question: NO EXPLANATION IS NEEDED ILL LEAVE A THUMBS UP THX! You and your friend Shirley from ACC100 have been studying for the final exam. Shirley

NO EXPLANATION IS NEEDED ILL LEAVE A THUMBS UP THX! You

NO EXPLANATION IS NEEDED ILL LEAVE A THUMBS UP THX!

You and your friend Shirley from ACC100 have been studying for the final exam. Shirley is very uncertain about the structure of the balance sheet and shows you a practice balance sheet, provided below. Shirley could not get the balance sheet to balance. You are told that the retained earnings amount was changed to make the assets equal the liabilities plus equity BUT you both know the retained earnings number is WRONG! You see right away that there are several errors on the statement. Because you are good friends, you decide to produce for Shirley a balance sheet in good form using the correct format AND with the correct retained earnings amount. REQUIRED - Answer the questions below with the numbers that would appear on a CORRECT balance sheet. CORRECT balance sheet. Wonderful Computer Systems Ltd. Balance Sheet Year ending December 31, 2021 ASSETS 11,250 1,575 1,800 4,550 Cash Office supplies Prepaid insurance Inventory Accounts receivable Prepaid rent Deferred revenue Equipment TOTAL ASSETS 10,875 1,200 3,500 87,500 122,250 TOTAL ASSETS 122,2501 2,500 5,750 27,500 25,000 LIABILITIES AND EQUITY Interest payable Salaries payable Accumulated depreciation Note payable (due in 2025) Accounts payable Income tax payable Dividends Retained earnings (INCORRECT!) Profit Owners' capital 1,775 3,500 (6,000) 15,225 12,000 35,000 TOTAL LIABILITIES AND EQUITY 122,250 Question 1 (2 points) What is the correct amount of long-term liabilities? A Question 2 (2 points) What is the correct amount of current assets? A Question 3 (2 points) What is the correct amount of long-lived assets? A Question 4 (1 point) What is the correct heading for this statement? (1 mark) Balance Sheet, Wonderful Computer Systems Ltd., Year ended December 31, 2021 The heading above is correct. December 31, 2021, Balance Sheet, Wonderful Computer Systems Ltd. Wonderful Computer Systems Ltd., Balance Sheet, December 31, 2021 Wonderful Computer Systems Ltd., Year ended December 31, 2021, Balance Sheet Balance Sheet, December 31, 2021, Wonderful Computer Systems Ltd. Question 5 (2 points) What is the correct amount of current liabilities? AJ Question 6 (2 points) What is the correct amount of total equity? A/ Question 7 (2 points) What is the correct amount of total liabilities? A/ Question 8 (2 points) What is the correct amount of retained earnings? A Question 9 (2 points) What is the correct amount of total assets? A

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