The trial balance of Rectangle 120, Inc., at August 31, 2012, does not balance.Requirements1. How much out of balance is the trial balance? Determine the out-of-balance amount. The error lies in the Accounts Receivable account. Add the out-of-balance amount to, or subtract it from, Accounts Receivable to determine the correct balance of Accounts Receivable.2. After correcting Accounts receivable, advise the top management of Rectangle 120, Inc., on the company’sa. total assets.b. total liabilities.c. net income or net loss forAugust.
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The trial balance of Rectangle 120 Inc at August 31

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