800 Cash 2,300 1,500 2,500 Correction of Balance Sheet You may use the attached spreadsheet to help you complete this activity, but you are not required to do so. You will find the spreadsheet by clicking on the green Excel icon in the upper left hand corner of the activity. On December 31, 2019, Stevens Company's bookkeeper prepared the following balance sheet with items erroneously classified. Stevens Company Balance Sheet For Year Ended December 31, 2019 Current Assets: Current Liabilities: Inventory $6,000 Accounts payable $ 9,900 Accounts receivable 5,900 Allowance for doubtful accounts Salaries payable Treasury stock (at cost) 3,300 Taxes payable Long-Term Investments: Long-Term Liabilities: Temporary Investments in marketable securities 3,200 Bonds payable (due 2023) 11,000 Investment in held-to-maturity bonds 10,000 Unearned rent (for 3 months) Property, Plant, and Equipment: Shareholders' Equity: Retained earnings Office supplies Accumulated depreciation on buildings and equipment 9,200 Buildings and equipment 35,600 Additional paid-in capital on common stock Intangibles: Common stock, $10 par 12,000 Patents (net) Prepaid insurance (for 6 months) Discount on bonds payable $82,400 Total Credits $82,400 Required: Next Level You determine that the account balances listed on the balance sheet are correct but, in certain cases, incorrectly classified. Prepare a properly classified balance sheet for Stevens as of December 31, 2019. 900 Land 8,100 24,200 800 10,400 5,000 1,200 1,000 Total Assets Next Level You determine that the account balances listed on the balance sheet are correct but, in certain cases, incorrectly classified. Prepare a properly classified balance sheet for Stevens as of December 31, 2019. Stevens Company Balance Sheet December 31, 2019 2.300 2.200 5.900 -800 5.100 6,000 1 300 800 2,000 18,600 10,000 4,100 35.600 -7,200 26,400 34.500 5,000 68,100 Assets Current Cash Temporary investments in marketable curities Accounts receivable Less Allowance for doubtful accounts Inventory Prepard Rems Insurance Office supplies Total current sit Long-Term restenta Investment in theld-to-maturity bonds Property Plant, and Equipment Land Buildings and equipment Less Accumulate depreciation Total property, plant and equipment Intangible et Patents(net) Totalt Liabilities Current Liebe Accounts payable Sataries payable Taxes payable Uneamedrent Total current liabilities LongTerm Liabiti Bonds payable (due 2023) Less: Discount on bonds payable Total long term liabilities Total abilities Shareholders' Equity Contributed Capital Common stock, $10 par Additional paid-in capital on comme stock Tatal contributed capital Retained camninga Total shareholders equity Low: Treasury stock (at cast) Total shareholders' equity Total abilities and shareholders' equity 9,900 1.500 2,500 900 14,800 11,000 -1,000 10,000 24.800 12,000 10,400 22.400 24,200 46,600 2.300 43.300 $ 65,100