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I need help adjusting the balance sheet Problem II The following balance sheet was prepared by the bookkeeper for Kraus Company as of December 31,

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Problem II The following balance sheet was prepared by the bookkeeper for Kraus Company as of December 31, 2012. Kraus Company Balance Sheet as of December 31, 2012 Cash $85,000 Accounts payable Accounts 52,200 Long-term receivable (net) liabilities Inventory 57,000 Stockholders' equity Investments 76,300 Equipment (net) 106,000 Patents 32,000 $408,500 $90,000 100,000 218,500 $408,500 The following additional information is provided: Cash includes the cash surrender value of a life insurance policy $9,400, and a bank overdraft of $2,500 has been deducted. The net accounts receivable balance includes the following items: o Accounts receivabledebit balances $60,000; o Accounts receivablecredit balances $4,000; o Allowance for doubtful accounts $3,800. Inventory does not include goods costing $3,000 shipped out on consignment. Receivables of $3,000 were recorded on these goods. Investments include investments in common stock, trading $19,000 and available-for-sale $48,300, and franchises $9,000. Equipment costing $5,000 with accumulated depreciation $4,000 is no longer used and is held for sale. Accumulated depreciation on the other equipment is $40,000. Using the data given above, you are required to do the following: Prepare a balance sheet in good form (stockholders' equity details can be omitted)

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