Joseph Is the President of Sunshine Enterprises Required:
1

Joseph is the president of Sunshine Enterprises.Sunshine Enterprises began business on January 1,2017.The company's controller is out of the country on business.Joseph needs a copy of the company's balance sheet for a meeting tomorrow and asks his assistant to obtain the required information from the company's records.She presents Joseph with the following balance sheet.He asks you to review it for accuracy.Sun shine Enterprises
Balance Sheet
For the Year Ended December 31, 2017
$\begin{array}{|l|r|l|r|}\hline\text { ASSETS }&&\text { LIABL IT IES \& STOCKHOLDERS' EQUITY }\\\hline \text { Accounts payable } & \$ 30,600& \text { Accounts receivable } & \$ 24,200 \\\hline \text { Buil ding and equipment } & 177,300& \text { Supplies } & 12,200 \\\hline \text { Cash } & 14,700 &\text { Capital stock } & 100,000 \\\hline \text { Cash dividends declared and paid } & 16,000 &\text { Net income for } 2017 & 113,800 \\\hline\end{array}$
Required:
1.Prepare a corrected balance sheet.
2.Draft a memo explaining the major differences between the balance sheet Joseph's assistant prepared and the one you prepared.