PI-64B (Learning Objectives 3, 4, 5: Using the accounting equation; preparing a balance sheet; making decisions) The manager of News Maker, Inc., prepared the company's balance sheet while the accountant was ill. The balance sheet contains numerous errors. In particular the manager knew that the balance sheet should balance, so he plugged in the shareholders equity amount needed to achieve this balance. The shareholders' equity amount is not correct. All other amounts are accurate. News Maker, Inc. Balance Sheet For the Month Ended November 30, 20X6 Assets Liabilities 7,500 39,000 4,000 1,700 400 82,000 4,500 14,500 1,600 900 3,400 Note payable.55,000 75,400 Notes receivab.. Accounts payable... Utilities expense Advertising expense Land. Salary expense Total Shareholders' Equity Shareholders' equity... Total liabilities 63,700 .139,100 Total assets 139,100