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February 13, 2021/in Business Homework Help Online /by Joseph

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To Do As apter 03 Pre-Built Problems Help Save&Exit Submit Check my work The following balance sheet for the Los Gatos Corporation was prepared by a recently hired accountant.In reviewing the statement you notice several erors. Decenber 31, 2018 ints Cash Accounts receivable Inventories $ 42,000 83,000 56,000 121,000 31,000 $333,000 Machinery (net) Total assets Liabilities and Shareholders Equit Allowance for uncollectible accounts Note payable Bonds payable s 52,000 6,000 57,000 111,000 107,000 $333,000 equity Total liabilities and shareholders equity Additional information: 1. Cash includes a $21,000 restricted amount to be used for repayment of the bonds payable in 2022. 2. The cost of the machinery is $192,000. 3. Accounts receivable includes a $21,000 note receivable from a customer due in 2021. 4. The note payable includes 5. The company began operations in 2013. Income less dividends since inception of the company totals $36,000. 6. 51,000 shares of no par common stock were issued in 2013. 100,000 shares are authorized Required: Prepare a corrected, classified balance sheet. (Amounts to be deducted should be indicated by a minus sign.) K Prev 6 of 1 Next>

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