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The following incomplete balance sheet for the Sanderson Manufacturing Company was prepared by the company's controller. As accounting manager for Sanderson, you are attempting to reconstruct and revise the balance sheet. $ 2.550 6,100 (1,700) 7,300 2.500 16,750 SANDERSON MANUFACTURING COMPANY Balance Sheet At December 31, 2021 ($ in 000) 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 con 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 4,300 3,550 22,000 (5,500) 2 $ 7 $6,500 6,600 1,400 5,600 20, 100 6,800 700 2 Additional Information ($ 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 eamings at the beginning of the year was $6,600. Net income for 2021 was $2,200 and $600 in cash dividends were declared and paid to shareholders. 2. Management intends to sell the investments in the next six months. Cheday Additional information ($ 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 $6,600. Net Income for 2021 was $2,200 and $600 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 $1,650 each. 5. Deferred revenue will be recognized as revenue equally over the next two fiscal years. 6. The common stock represents 400,000 shares of no par stock authorized, 380,000 shares issued and outstanding. Required: Prepare a complete, corrected, classified balance sheet (Amounts to be deducted should be indicated by a minus sign.) SANDERSON MANUFACTURING COMPANY Balance Sheet At December 31, 2021 ($ in 000s, except share data) Assets Current assets Net accounts receivable Inventory Total current assets Property, plant, and equipment: ter 03 Homework Saved Total current assets Property, plant, and equipment: Net property, plant, and equipment Intangible assets: Total assets Liabilities and Shareholders' Equity nces Current liabilities: Total current liabilities Long-term liabilities: Total long-term liabilities Total liabilities Shareholders' equity: Total shareholders' equity Total liabilities and shareholders' equity Prey 3 of 7 Next ework Total current assets Property, plant, and equipment: Accounts payable Accounts receivable Accrued liabilities Accumulated depreciation Additional paid-in capital u IIC llarTIUS. Total current liabilities Long-term liabilities: hework (i Total current assets Property, plant, and equipment: Allowance for uncollectible accounts Bonds payable Buildings Cash Cash and cash equivalents cu anmanities Total current liabilities Long-term liabilities: omework i Total current assets Property, plant, and equipment: Common stock Deferred revenue Depreciation expense Equipment Finished goods Cu TIC la DIILIUS. Total current liabilities Long-term liabilities: mework A Total current assets Property, plant, and equipment: Furniture and fixtures Income taxes payable Interest expense Interest payable Interest receivable cu Thy natres. Total current liabilities Long-term liabilities: mework a Total current assets Property, plant, and equipment: Inventory Land Long-term investments Mortgage payable Notes payable (current maturities of long-term debt) Notas nayable (current). 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