$ 1,550 4,100 (700) 6,300 1,500 12,750 SANDERSON MANUFACTURING COMPANY Balance Sheet At December 31, 2021 ($ in 000s) Assets Current assets: Cash Accounts receivable Allowance for uncollectible accounts Finished goods inventory Prepaid expenses Total current assets Long-term assets: Investments Raw materials and work in process inventory Equipment Accumulated depreciation Patent (net) Total assets Liabilities and Shareholders' Equity Current liabilities: Accounts payable Notes payable Interest payable (on notes) Deferred revenue Total current liabilities Long-term liabilities: Bonds payable Interest payable (on bonds) Shareholders' equity: Common stock Retained earnings Total liabilities and shareholders' equity 3,300 2,550 18,000 (4,500) $ ? $ 5,500 4,600 400 3,600 14,100 5,800 500 $ ? ? ? ? Additional information ($ in 000s): 1. Certain records that included the account balances for the patent and shareholders' equity items were lost. However, the controller told you that a complete, preliminary balance sheet prepared before the records were lost showed a debt to equity ratio of 1.2. That is, total liabilities are 120% of total shareholders' equity. Retained earnings at the beginning of the year was $4,600. Net income for 2021 was $1,600 and $800 in cash dividends were declared and paid to shareholders. 2. Management intends to sell the investments in the next six months. 3. Interest on both the notes and the bonds is payable annually. 4. The notes payable are due in annual installments of $1,150 each. 5. Deferred revenue will be recognized as revenue equally over the next two fiscal years. 6. The common stock represents 300,000 shares of no par stock authorized, 280,000 shares issued and outstanding. Required: Prepare a complete, corrected, classified balance sheet. (Amounts to be deducted should be indicated by a minus sign.) SANDERSON MANUFACTURING COMPANY Balance Sheet At December 31, 2021 ($ in 000s, except share data) Assets Current assets: Net accounts receivable Inventory: Total current assets Property, plant, and equipment: Net property, plant, and equipment Intangible assets: Total assets Liabilities and Shareholders' Equity Current liabilities: Total current liabilities Long-term liabilities: Total long-term liabilities Total current assets Property, plant, and equipment: Net property, plant, and equipment Intangible assets: Total assets Liabilities and Shareholders' Equity Current liabilities: Total current liabilities Long-term liabilities: Total long-term liabilities Total liabilities Shareholders' equity: Total shareholders' equity Total liabilities and shareholders' equity