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As controller for Henderson, you are attempting to reconstruct and revise the following balance sheet prepared by a staff accountant. Additional information ( $ in
As controller for Henderson, you are attempting to reconstruct and revise the following balance sheet prepared by a staff accountant.
Additional information $ in s:
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 That Is total llabilitles are of total shareholders' equlty. Retained earnings at the beginning of the year was $ Net Income for was $ and $ in cash dividends were declared and pald to shareholders.
The Investments represent treasury bills purchased in December that mature In January These are considered cash equivalents.
Interest on both the notes and the bonds is payable annually.
The notes payable account contains one note that is due in annual installments of $ for each payment due.
Deferred revenue will be recognized equally over the next months.
The common stock represents shares of no par stock authorized, of which shares are issued and outstanding.
Required:
Prepare a complete, corrected, classlfied balance sheet.
Note: Do not round your intermedlate 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.
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