The trial balance of You Build Inc. at December 31, 2014, does not balance.

Requirements
1. How much out of balance is the trial balance? Determine the out-of-balance amount. The error lies in the Accounts Receivable account. Add the out-of-balance amount to, or subtract it from, Accounts Receivable to determine the correct balance of Accounts Receivable.
2. You Build Inc. also failed to record the following transactions during December:
a. Purchased additional land for $60,000 by signing a note payable.
b. Earned service revenue on account, $10,000.
c. Paid salary expense of $1,400.
d. Purchased a TV advertisement for $1,000 on account. This account will be paid during January.
Add these amounts to, or subtract them from, the appropriate accounts to properly include the effects of these transactions. Then prepare the corrected trial balance of You Build Inc.
3. After correcting the accounts, advise the top management of You Build Inc. on the company's:
a. Total assets
b. Total liabilities
c. Net income or loss

3,900 Share capital 7,200 Cash Accounts Land Accounts payable Note payable. $20,000 7,300 9,100 3,400 900 nasvaila Retained earnings 34,000 5,800 5,000 Salary expense Advertising expense