Correction of wrongly stated balance sheet.
Correct the following balance sheet.
Canfield Corporation Balance Sheet December 31, 2006
|
Assets
|
Liabilities and Owners' Equity
|
|
Cash
|
$55,000
|
Buildings
|
$325,000
|
|
Accounts payable
|
65,000
|
Accounts receivable
|
75,000
|
|
Interest receivable
|
2,0000
|
Mortgage payable
|
15,0000
|
|
Capital stock
|
2,00000
|
Sales revenue
|
35,0000
|
|
Rent expense
|
6,0000
|
Equipment
|
85,000
|
|
Retained earnings
|
145,000
|
Utilities expense
|
5,000
|
|
Total assets
|
$545,000
|
Total liabilities and owners' equity
|
$99,0000
|