The following classified Balance Sheet has numerous errors. Indicate in this Balance Sheet by describing in words the deficiencies.
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Tigeress Company, Inc. Tire Balance For the year ended Dec. 31, 2001
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Assets, Liabilities and Net Worth
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Building, at cost
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$8700
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Accumulated Depreciation
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$2300
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Land, appraised value
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$5000
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Note Payable (due 2005)
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$4000
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Inventory, retail price
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$6000
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Common Stock
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$10000
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Accounts Receivable
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$3500
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Retained Earnings
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$ 500
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Accounts payable
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($1600)
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Total Liabilities
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$16800
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Cash
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$1200
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Amount to balance
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$6000
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Total Assets
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$22800
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Total Liab. & Net Worth
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$22800
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Additional information:
Land has an original cost of $2000 and inventory cost the company $3000.