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Chapter 3 Saved The following balance sheet for the Los Gatos Corporation was prepared by a recently hired accountant. In reviewing the statement you

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Chapter 3 Saved The following balance sheet for the Los Gatos Corporation was prepared by a recently hired accountant. In reviewing the statement you notice several errors. Cash Accounts receivable Inventory LOS GATOS CORPORATION Balance Sheet At December 31, 2021 Assets $ 62,000 113,000 66,000 Machinery (net) Franchise (net) 131,000 41,000 Total assets $ 413,000 Liabilities and Shareholders' Equity Accounts payable $ 72,000 16,000 Allowance for uncollectible accounts Notes payable Bonds payable Shareholders' equity Total liabilities and shareholders' equity 77,000 121,000 127,000 $ 413,000 Additional Information:

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