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Prepare a correct classified statement of financial position

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Question - Prepare a correct Classified Statement of Financial Position.

The balance sheet of LL Auctioneers below contains numerous errors despite balanced amounts. Some of the accounts plugged in the report are not balance sheet accounts, however, all the amounts are accurate.

LL Computer Café Balance Sheet Month ended July 31, 2020

Utilities Expense

Computer Equipment

Advertising Expense

Equipment

Rent Expense

Drawings

Accounts Receivable

Accounts Payable

Cash

Service Revenue

Owner's Capital

Salaries Expense

1,800

100,000

3,800

20,000

15,000

500

52,000

5,600

544,600

139,000

600,000

15,000

Required -

1. Prepare the correct balance sheet, and date it correctly.

2. Compute the total assets, total liabilities, and owner's equity.

Reference no: EM133065057

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