$\backslash$table$[[$Terrific Computer Systems Ltd$.],[$Balance Sheet$],[$Year ending December $31,2021],[$ASSETS$,,],[$Cash$,6,520,],[$Office supplies,$1,045,],[$Prepaid insurance,$800,],[$Inventory$,2,750,],[$Accounts receivable,$3,525,],[$Prepaid rent,$650,],[$Deferred revenue,$1,280,],[$Equipment$,65,350,],[$TOTAL ASSETS,,$81,920],[$LIABILITIES AND EQUITY,,$],[$Interest payable,$1,250,],[$Salaries payable,$2,500,],[$Accumulated depreciation,$12,570,],[$Note payable $($due in $2022),18,000,],[$Accounts payable,$1,455,],[$Income tax payable,$950,],[$Dividends$,(3,000),],[$Retained earnings $($INCORRECT$!),28,655,],[$Profit$,7,540,],[$Owners$\text{'}$ capital,$12,000,],[$TOTAL LIABILITIES AND EQUITY,,$81,920]]$ What is the correct heading for this statement?

point$)$

Balance Sheet, Terrific Computer Systems Ltd$.,$

Year ended December $31,2021$

Balance Sheet, December $31,2021,$ Terrific

Computer Systems Ltd$.$

The current title is correct.

December $31,2021,$ Balance Sheet, Terrific

Computer Systems Ltd$.$

Terrific Computer Systems Ltd$.,$ Year ended

December $31,2021,$ Balance Sheet

Terrific Computer Systems Ltd$.,$ Balance Sheet,

December $31,2021$

What is the correct amount of retained earnings?

$(2$ points$)$

What is the correct amount of current assets? $(2$

points$)$

What is the correct amount of long$-$lived assets?

$(2$ points$)$ What is the correct amount of current liabilities? $(2$

points$)$

What is the correct amount of long$-$term

liabilities? $(2$ points$)$

What is the correct amount of total equity? $(2$

points$)$

What is the correct amount of total assets? $(2$

points$)$

What is the correct amount of total liabilities? $(2$

points$)$You and your friend Sheila from ACC$100$ have been studying for the final exam. Sheila is very uncertain about the structure of the balance sheet and shows you a practice balance sheet, provided below. Sheila 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 Sheila a balance sheet in good form using the correct format AND with the correct retained earnings amount.