As controller for Henderson, you are attempting to reconstruct and revise the following balance sheet prepared by a staff accountant Henderson Manufacturing Company Balance Sheet At December 31, 2021 (s in eos) Assets Current assets: Cash $ 1,900 Accounts receivable 4. See Allowance for uncollectible accounts (400) Finished goods inventory 6,60e Prepaid expenses 3,200 Total current assets 15,800 Long-term assets: Investments 2,800 Raw materials and work in process inventory 3,700 Equipment 18,500 Accumulated depreciation equipment (8,880) Franchise ? Total assets $ ? Liabilities and Shareholders. Equity Current liabilities: Accounts payable $ 7,000 Notes payable 6,000 Interest payable-note 200 Deferred revenue 2,480 Total current liabilities 15,6ee Long-term liabilities: Bonds payable 11,000 Interest payable-bonds 400 Shareholders' equity! Connon stock $? Retained earnings 2 > Total liabilities and shareholders' equity Additional Information (sin 000s): 1 Certain records that included the account balances for the franchise and shareholders' equity items were lost. However, a complete, preliminary balance sheet prepared before the records were lost showed a debt to equity ratio of 1.5. That is, total Habilities are 150% of total shareholders' equity. Retained earnings at the beginning of the year was $3,000. Net income for 2021 was $2,100, and $800 in cash dividends were declared and paid to shareholders, 2. The investments represent treasury bills purchased in December 2021 that mature in January 2022. These are considered cash equivalents 3. Interest on both the notes and the bonds is payable annually 4 The notes payable account contains one note that is due in annual Installments of $600 for each payment due. 5 Deferred revenue will be recognized equally over the next 18 months 6 The common stock represents 500,000 shares of no par stock authorized, of which 300,000 shares are issued and outstanding. Required: Prepare a complete, corrected, classified balance sheet. (Do not round your intermediate calculations. Enter your answers in the order of their liquidity. Amounts to be deducted should be indicated by a minus sign. Enter your answers in thousands of dollars.) Henderson Manufacturing Company Balance Sheet At December 31, 2021 (in 000) Assets Current assets Inventory 0 Total current assets Property, plant, and equipment 0 ng Enabled: MI At December 31, 2021 (in 000s) Assets Current assets: 50 Inventory 0 Total current assets Property, plant, and equipment: 0 Net property, plant, and equipment Intangibles: $ 0 Total assets Liabilities and Shareholders' Equity Current liabilities: 0 Total current liabilities Long-term liabilities: 0 Total liabilities 0
