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44 chapter Learning Objective 5 P1-44A Preparing financial statements The bookkeeper of Lone Star Landscaping prepared the company's balance sheet while the accountant was ill. The balance sheet contains numerous errors. In particular, the bookkeeper knew that the balance sheet should balance, so he plugged in the owne equity amount needed to achieve this balance. The owner's equity is incorrect. All other amounts are correct, but some are out of place or should not be included in thi statement. Prepare a corrected balance sheet. Total Assets $47,100 LONE STAR LANDSCAPING Balance Sheet Month Ended November 30, 2016 Assets Liabilities BS A Office Supplies S A BS A Cash es A $ 4,900 ACCOUNTS Receivable 300 Tow, Withdkawals 33,800 Service Revente S 3,100 aperty Tax Expense Accounts Payable s L S 2,100 8,000 Land 44,000 Satartes-Experise 2,700 Office Furniture PS A Notes Payable PS 6,000 2,800 24,200 Rent Expense IS 450 Owner's Equity Tow, Capital Total Assets 65, TI $72,750 13,150 Total Liabilities $ 72,750