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Hi I posted this question and someone just copied the same incorrect answer from another question. Now I have to post this question again. Actually
Hi I posted this question and someone just copied the same incorrect answer from another question. Now I have to post this question again. Actually answer this questions accurately. I need the RIGHT answer not the wrong answers. So please answer honestly and not the copied and pasted version of this question. SERIOUSLY. Thanks.
The following balance sheet for the Los Gatos Corporation was prepared by a recently hired accountant. In reviewing the statement you notice several errors. Additional Information: 1. Cash includes a $21,000 restricted amount to be used for repayment of the bonds payable in 2028 . 2. The cost of the machinery is $192,000. 3. Accounts receivable includes a $21,000 notes receivable from a customer due in 2027. 4. The notes payable balance includes accrued interest of $6,000. Principal and interest are both due on February 1,2025. 5. The company began operations in 2019. Net income less dividends since inception of the company totals $36,000. 6. 51,000 shares of no par common stock were issued in 2019.100,000 shares are authorized. Required: Prepare a corrected, classified balance sheet. Use the additional information to help determine appropriate classifications and account balances. The cost of machinery and its accumulated depreciation are shown separately. Note: Amounts to be deducted should be indicated by a minus sign. Answer is not complete. LOS GATOS CORPORATION Balance Sheet At December 31, 2024 Assets Current assets
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