List the corrections needed to present in good form the balance sheet below Errors include misclassifications lack of adequate disclosure and poor terminology Do not concern yourself with the arit?

Answer 1

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Answer 2

1. Misclassifications: Ensure that assets, liabilities, and equity are correctly categorized. For example, ensure that long-term assets are not included in current assets and vice versa.

2. Lack of adequate disclosure: Provide sufficient information to allow users to understand the nature and amounts of various assets, liabilities, and equity. This could include detailed notes explaining significant accounting policies, contingent liabilities, and related-party transactions.

3. Poor terminology: Use standard and clear terms for items on the balance sheet. Avoid confusing or ambiguous language that may make it difficult for users to interpret the financial position of the company. For example, instead of using vague terms like "Other assets," provide a breakdown of specific items that fall under this category.