Carlos Verde owns a small nursery.He recently approached the local bank for a loan to finance an expansion of his nursery.Carlos prepared the balance sheet given below and submitted it with his loan application.The balance sheet does not conform to generally accepted accounting principles.Using the additional information provided by the owner,prepare a corrected balance sheet in accordance with generally accepted accounting principles. 
Definitions:
Average Tax Rate
The proportion of total income that is paid in taxes, calculated by dividing the total amount of taxes paid by the total income.
Total Taxes
The cumulative amount of taxes owed by an individual or corporation to the government, including federal, state, and local taxes.
Taxable Income
The amount of income that is used to calculate an individual's or a company's income tax due.
Personal Income Tax
A tax levied on individuals or entities based on their income or profit earned.
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