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Dr. Anju Nayar, MC X G lahey clinic billeric x G 199 boston rd bille x HW Ch 03 X G The type of incom x New Tab x C Solved: The follow x C The Following Incc X + > C D A newconnect.mheducation.com/flow/connect.html : Apps Manchester Com. lum-prod.ec.com... G Fix connection err.. HW Ch 03 i Saved Help Save & Exit Submit 9 The following incomplete balance sheet for the Sanderson Manufacturing Company was prepared by the company's controller. As accounting manager for Sanderson, you are attempting to reconstruct and revise the balance sheet. SANDERSON MANUFACTURING COMPANY Balance Sheet 10 At December 31, 2021 ($ in 000s) points Assets Current assets: Cash $ 1, 450 eBook Accounts receivable 3,900 Allowance for uncollectible accounts (600) Print Finished goods inventory 6,200 Prepaid expenses 1, 400 References Total current assets 12 , 350 Long-term assets: Investments 3, 200 Raw materials and work in process inventory 2 , 450 Equipment 17,000 Accumulated depreciation (4,400) Patent (net) Total assets $ ? Liabilities and Shareholders' Equity Current liabilities: Accounts payable $ 5, 400 Notes payable 4 ,400 Interest payable (on notes) 300 Deferred revenue 3, 400 Total current liabilities 13, 500 Long-term liabilities: Bonds payable 5, 700 Interest payable (on bonds) 400 Shareholders' equity: Common stock $ ? Retained earnings Total liabilities and shareholders' equity ? Additional information ($ in 000s): Mc Graw V Dr. AnjuNayar' ME 3: i G laheyclinic billerlc x i G 199 hostonrdbille x E chh 03 x G Thetypeofinoom x NewTal: x i E Solved:Thetollaw x i G The Follmringlnct x l ( ) C 9 newconnect.mheducation.comlowfconnect.html 0 555 Apps i ManchesterCom... @ lumiprpd.ec.com... G Fix connection err... Hw Ch 03 0 Saved Help Save I. Exit Submit 9 Additional information G In 000s]: 1. Certain records that included the account balances for the patent and shareholders' equity items were lost. However, the controller told you that a complete, preliminary balance sheet prepared before the records were lost showed a debt to equity ratio of 1.4. That is, total liabilities are 140% oftotal shareholders' equity. Retained earnings at the beginning of the year was $4,400. Net income for 2021 was $1,700 and $900 in cash dividends were declared and paid to shareholders. 10 2. Management intends to sell the investments in the next six months. PM"5 3. Interest on both the notes and the bonds is payable annually. 4. The notes payable are due in annual installments of$1,1OD each. 5. Deferred revenue will be recognized as revenue equally over the next two scal years. 939\" 6. The common stock represents 400,000 shares of no par stock authorized. 270,000 shares issued and outstanding. Prim References Required: Prepare a complete, corrected. classied balance sheet. (Amounts to be deducted should be indicated by a minus sign.) Current assets: Short term investments _ Net accounts receivable Inventory: _ _ M: a..- Dr. Anju Nayar, MC X G lahey clinic billeric x G 199 boston rd bille x HW Ch 03 X G The type of incom x New Tab x C Solved: The follow x C The Following Incc X + > C D A newconnect.mheducation.com/flow/connect.html : Apps Manchester Com. Slum-prod.ec.com... G Fix connection err. HW Ch 03 i Saved Help Save & Exit Submit SANDERSON MANUFACTURING COMPANY 9 Balance Sheet At December 31, 2021 ($ in 000s, except share data) Assets 10 Current assets: points Cast $ 1,450 Accounts receivable 3,900 eBook Short-term investments Print Net accounts receivable 0 References Inventory: Finished goods Raw materials and work in process 0 Prepaid expenses Total current assets 5,350 Property, plant, and equipment Equipment Accumulated depreciation Net property, plant, and equipment Intangible assets: Patent (net) Total assets $ 5,350 Liabilities and Shareholders' Equity Current liabilities: Accounts payable Mc Graw Dr. Anju Nayar, MC X G lahey clinic billeric x G 199 boston rd bille x HW Ch 03 X G The type of incom x New Tab x C Solved: The follow x C The Following Incc X + > C D A newconnect.mheducation.com/flow/connect.html : Apps Manchester Com... lum-prod.ec.com.. G Fix connection err.. HW Ch 03 i Saved Help Save & Exit Submit Accumulated depreciation 9 Net property, plant, and equipment 0 Intangible assets: Patent (net) Total assets $ 5,350 10 points Liabilities and Shareholders' Equity Current liabilities: Accounts payable eBook Notes payable (current maturities of long-term debt Print Interest payable References Deferred revenue Total current liabilities 0 Long-term liabilities: Deferred revenue Bonds payable Notes payable (long-term) Total long-term liabilities 0 Total liabilities 0 Shareholders' equity: Common stock Retained earnings Total shareholders' equity 0 - - - Total liabilities and shareholders' equity $ 0 Mc Graw
