Question: What is wrong about the liabilities and owners' equity portion of the balance sheet below? begin{tabular}{lr} hline Depreciation expense & $98,100 Cash & 336,800



\begin{tabular}{lr} \hline Depreciation expense & $98,100 \\ Cash & 336,800 \\ Long-term debt & 501,800 \\ Sales & 859,000 \\ Accounts payable & 152,100 \\ General and administrative expense & 118,900 \\ Buildings and equipment & 1,342,900 \\ Notes payable & 113,000 \\ Accounts receivable & 250,475 \\ Interest expense & 7,080 \\ Accrued expenses & 11,800 \\ Common stock & 434,300 \\ Cost of goods sold & 444,700 \\ Inventory & 148,805 \\ Taxes & 74,765 \\ Accumulated depreciation & 395,500 \\ Taxes payable & 21,530 \\ Retained earnings & 448,950 \\ \hline \end{tabular} TNT Inc. Income Statement Balance Sheet \begin{tabular}{lrr} \hline Cash & $ & 336,800 \\ Inventories & & 148,805 \\ Accounts Receivable & $ & 736,080 \\ Current Assets & $ & 1,342,900 \\ Buildings and Equipment & & 395,500 \\ Less: Accumulated Depreciation & $ & 947,400 \\ \hline Net Plant and Equipment & $ & 1,683,480 \\ \hline \hline Total Assets \end{tabular} Balance Sheet (Cont'd)
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