Balance sheet format.
The following balance sheet has been submitted to you by an inexperienced bookkeeper. List your suggestions for improvements in the format of the balance sheet. Consider both terminology deficiencies as well as classification inaccuracies. 
Note 1. The reserve for contingencies has been created by charges to earned surplus and has been established to provide a cushion for future uncertainties.
Note 2. The inventory account includes only items physically present at the main plant and warehouse. Items located at the company's branch sales office amounting to $40,000 are excluded since the company has consistently followed this procedure for many years.
Definitions:
Unique Adaptation
A distinctive or specialized feature, structure, or behavior developed by an organism to improve its chances of survival and reproduction in its environment.
Insects
A class of arthropods, characterized by a three-part body (head, thorax, abdomen), three pairs of legs, compound eyes, and two antennae.
Arthropod
An invertebrate that belongs to phylum Arthropoda; characterized by a hard exoskeleton; a segmented body; and paired, jointed appendages.
Parapodia
Paired, lateral extensions found in some annelids, such as polychaete worms, used for locomotion and respiration.
Q8: Year-end net assets would be overstated and
Q26: In determining present value, a company moves
Q29: Which of the following is true when
Q42: Stockholders' equity is not affected by all<br>A)
Q48: The post-closing trial balance consists of asset,
Q49: Which of the following is a fundamental
Q58: How can accounting for bad debts be
Q61: The primary advantage of the multiple-step format
Q107: An unearned revenue can best be described
Q125: Dole Corp.'s accounts payable at December