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Homework answers / question archive / The following balance sheet for the Los Gatos Corporation was prepared by a recently hired accountant

The following balance sheet for the Los Gatos Corporation was prepared by a recently hired accountant

Accounting

The following balance sheet for the Los Gatos Corporation was prepared by a recently hired accountant. In reviewing the statement you notice several errors. 
LOS GATOS CORPORATION Balance Sheet At December 31, 2018 
Assets 
Accounts receivable Inventories UMachinery (net) Franchise (net) eBook Total assets Liabilities and Shareholders' Equity UF Accounts payable Print Allowance for uncollectible accounts Note payable It Bonds payable Shareholders' equity References 
Total liabilities and shareholders' equity 
Additional information: 
$ 50,000 95,000 60,000 125,000 35,000 $365,000 $ 60,000 10,000 65,000 115,000 115,000 $365,000 
1. Cash includes a $25,000 restricted amount to be used for repayment of the bonds payable in 2022. 2. The cost of the machinery is $200,000. 3. Accounts receivable includes a $25,000 note receivable from a customer due in 2021. 4. The note payable includes accrued interest of $10,000. Principal and interest are both due on February 1, 2019. 5. The company began operations in 2013. Income less dividends since inception of the company totals $40,000. 6. 55,000 shares of no par common stock were issued in 2013. 200,000 shares are authorized. 
Required: Prepare a corrected, classified balance sheet. (Amounts to be deducted should be indicated by a minus sign.) 
 

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