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 20,000 Mortgage payable 150,000
Capital stock 200,000 Sales revenue 350,000
Rent expense 60,000 Equipment 85,000
Retained earnings 145,000 Utilities expense 5,000
Total assets $545,000 Total liabilities and owners' equity $990,000
Is this correct?
Canfield Corporation Balance Sheet December 31, 2006
Assets Liabilities
Cash 55,000 A/P 65,000
Interest Receivable 20,000 Motrgage Payable 150,000
Buildings 325,000
A/R 75,000 Total Liabilities 215,000
Equipment 85,000
Owner's Equity
Capital Stock 200,000
Retained Earnings 145,000
Total Assets 560,000 Total Liabilities&Owners Equity 560,000