Question: Please help answer within 10 minutes! Will leave thumbs up and good rating! In this section, all questions are worth 2 marks unless indicated otherwise.

Please help answer within 10 minutes! Will leave thumbs up and good rating!

Please help answer within 10 minutes! Will leave thumbs up and good rating! In this section, all questions are worth 2 marks unless indicated otherwise. You and your friend Shirley from ACC100 have been studying for

In this section, all questions are worth 2 marks unless indicated otherwise. 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. Wonderful Computer Systems Ltd. Balance Sheet Year ending December 31, 2021 ASSETS Cash 11,250 Office supplies 1,575 Prepaid insurance 1,800 Inventory 4,5501 Accounts receivable 10,875 Prepaid rent 1,200 Deferred revenue 3,5001 Equipment 87,500 TOTAL ASSETS 122,2501 2,5001 5,7501 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| 122,2501 Question 41 (2 points) What is the correct amount of current liabilities? A Question 42 (2 points) What is the correct amount of long-lived assets? A Question 43 (2 points) What is the correct amount of current assets? A/ Question 44 (2 points) What is the correct amount of retained earnings? A Question 45 (1 point) What is the correct heading for this statement? (1 mark) Balance Sheet, Wonderful Computer Systems Ltd., Year ended December 31, 2021 Balance Sheet, December 31, 2021, Wonderful Computer Systems Ltd. Wonderful Computer Systems Ltd., Year ended December 31, 2021, Balance Sheet The heading above is correct. Wonderful Computer Systems Ltd., Balance Sheet, December 31, 2021 December 31, 2021, Balance Sheet, Wonderful Computer Systems Ltd. Question 46 (2 points) What is the correct amount of total liabilities? A Question 47 (2 points) What is the correct amount of total assets? A/ Question 48 (2 points) What is the correct amount of total equity? A Question 49 (2 points) What is the correct amount of long-term liabilities? A

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