CAS-2 (Identifying Balance Sheet Deficiencies) The assets of Forzarelli Corporation are presented below (000s omitted). $ 100,000 27,500 37.000 75,000 240,000 479,500 FONZARELLI CORPORATION BALANCE SHEET (PARTIAL) DECEMBER 31, 2017 Assets Current assets Cash Unclaimed payroll checks Debt investments (trading) (fair value $30,000) at cost Accounts receivable (less bad debt reserve) Inventory--at lower of cost (determined by the next-in first-out method)-ornet realizable value Total current assets Tangible assets Land (less accumulated depreciation) Buildings and equipment Less: Accumulated depreciation Net tangible assets Long-term investments Stocks and bonds Treasury stock Total long-term investments Other assets Discount on bonds payable Sinking fund Total other assets Total assets 80,000 S80 250.000 550,000 610.000 100.000 70.000 170,000 19.400 975.000 90400 $227190 Instructions Indicate the deficiencies, if any, in the foregoing presentation of Fonzarelli Corporation's assets