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$$ capital

$12,000$

TOTAL LIABILITIES AND EQUITY

$81,920$

What is the correct heading for this statement? $(1$ point$)$

Multiple choice $1$ Question $2$

The current title is correct.

Balance Sheet, Terrific Computer Systems Ltd$.,$ Year ended December $31,2021$

Terrific Computer Systems Ltd$.,$ Year ended December $31,2021,$ Balance Sheet

December $31,2021,$ Balance Sheet, Terrific Computer Systems Ltd$.$

Balance Sheet, December $31,2021,$ Terrific Computer Systems Ltd$.$

Terrific Computer Systems Ltd$.,$ Balance Sheet, December $31,2021$

What is the correct amount of retained earnings? $(2$ points$)$

Answer $1$ Question $2$

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

Answer $2$ Question $2$

What is the correct amount of long$-$lived assets? $(2$ points$)$

Answer $3$ Question $2$

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

Answer $4$ Question $2$

What is the correct amount of long$-$term liabilities? $(2$ points$)$

Answer $5$ Question $2$

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

Answer $6$ Question $2$

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

Answer $7$ Question $2$

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

Answer $8$ Question $2$