P4-7: Estado de situacin clasificado (Complex Balance Sheet), (50 puntos) Complex Balance Sheet Presented below is the audited balance sheet as of December 31, 2019. prepared by 1043 Zeus Macturing Corporis bookkeeper AICPA Adapted Zeus Manufacturing Corporation Balance Shoot for the Year Ended December 31, 2019 As Liebe and Shareholders' Equity Cash $ 225.000 Accouh payable $ 133.800 Accueil 345.700 Mortgage payable 900.000 560.000 Nos payable 500.000 40.000 Lowit liby 00.000 57700 61,200 land 450 000 Deferred to be 28.000 1.750.000 Accomod depreciation 420.000 Machinery and went 1.964,000 Torello $2.1237000 Goodal 37 000 Common stock, $50 por 40,000 shares $2.231.000 35209200 Binding 1675.00 To Shareholden Euty 35,300 000 Torond Shareholders 35422200 Your company has been engaged to perform an audit, during which you discover the following information: 1. Checks totaling $14,000 in payment of accounts payable were mailed on December 31, 2019, but were not recorded until 2030. Late in December 2019, the bank returned a customer's $2.000 check marked NSF." but no entry was made. Cash includes $100,000 restricted for building purposes 2. Included in accounts receivable is a $30,000 note due on December 31, 2022, from Zan's president 3. During 2019. Zeus purchased 500 shares of common stock of a major corporation that supplies Zeus with raw materials. Total cost of this stock was 551,300, and fair value on December 31, 2019, was 551,800. Zeus plans to hold these shares indefinitely 4. Treasury stock was recorded at cost when Zeus purchased 200 of its own shares for $32 per share in May 2019. This amount is included inimestments 5. On December 31, 2019. Zeus borrowed $500,000 from a bank in exchange for a 10% note payable, maturing December 31, 2024. Equal principal payments are due December 31 of each year beginning in 2020. This noteis collaterained by a 5250,000 tract of land acquired as a potential future building site, which is included 6. The mortgage payable requires $50,000 principal payments, plus interest, at the end of each month Pay ments were made on January 31 and February 28, 2020. The balance of this mortgage was due June 30, 2020. On March 1, 2020, prior to issuance of the audited financial statements, Zeus consummated a non cancelable agreement with the lender to refinance this mortgage. The new terms require 5100,000 annual P4-7: Estado de situacin clasificado (Complex Balance Sheet). (50 puntos) Complex Balance Sheet Powered below is the audited balance sheet of December 31, 2019, prepared by 10432 Macturing Corporis bookkeeper AICPA Adapted Zeus Mendocring Corporation Soon Shorthe Year Ended December 31, 2019 A Lisbond Shoholder'iy Cash $225.000 Accouple $ 133,000 Acco 345700 Mortgage payable 900.000 hores 560,000 500 000 Prepodneome 40,000 Lawy 57700 Income payable 61,200 land 450.000 Dedolly Building 1.750.000 Acum depreciation Machinery and 1.961.000 Total Liobiles 32.120,000 Goodwill 32000 Common stock 550 por 40 000 hores 231.000 Beloning 1.025.00 To Shareholder 35230100 Tot i and Shareholders' Equity Na 10.000 18.000 00.000 Your company has been engaged to perform an audit, during which you discover the following information 1. Checis totaling $14,000 in payment of counts payable were mailed on December 31, 2019, but were not recorded until 2020. Late in December 2019, the bank returned customer's $2.000 check marked "NS but no entry was made ab includes $100,000 restricted for building purposes 2. Indeed in accounts receivable is a $30,000 note do on December 31, 2022, from Zow's president 3. During 2019. Zens purchased 500 shares of comme sted of a major corporation that supplies with raw materials. Total cost of this weck was 551,300, and fair value on December 31, 2019, 551,300. Zeus plans to be the shares indefinitely 4. Try stock was recorded at cost when Zeus purchased 200 of its own shares for $32 per share in May 2019. This amount is included in investments 5. On December 31, 2019, Zeus borrowed 500,000 from a bank in exchange for a los cable, maturing December 31, 2024. Equal principal payments are dee December 31 of each year being in 2020. This noteis collatered by a $250.000 tract of land acquired as a potential building site, which included in land 6. The mortgage payable requires 550,000 principales plus interest, at the end of each month. Pay mens were made on January 31 and February 28, 2030. The balance of this more was due June 30, 2020. On March 1, 2020, prior tone of the audied financial statements, Zeus constated a non cancelable agreement with the lender to refinance this mortgage The wewterms wire 5100,000 annual 4.64 Che Bolonce Sheet and the Shoes pencil pens, plus interest, obrary of ach year, bening i 2021. The final pasti due February 28, 2028 7. The Lawsuit will be paid in 2030 8. Of the oldeferred to as 55,000 is considered a currently 9. The current income tax exprendin Za's 2019 income statement was $51,200 10. The company washed to 100.000 hores of $50 per valor come to Required Prepare a corrected danified balance sheet of December 31, 2019. This facial statement should include a paper heading format and cry descriptions P4-7: Estado de situacin clasificado (Complex Balance Sheet), (50 puntos) Complex Balance Sheet Presented below is the audited balance sheet as of December 31, 2019. prepared by 1043 Zeus Macturing Corporis bookkeeper AICPA Adapted Zeus Manufacturing Corporation Balance Shoot for the Year Ended December 31, 2019 As Liebe and Shareholders' Equity Cash $ 225.000 Accouh payable $ 133.800 Accueil 345.700 Mortgage payable 900.000 560.000 Nos payable 500.000 40.000 Lowit liby 00.000 57700 61,200 land 450 000 Deferred to be 28.000 1.750.000 Accomod depreciation 420.000 Machinery and went 1.964,000 Torello $2.1237000 Goodal 37 000 Common stock, $50 por 40,000 shares $2.231.000 35209200 Binding 1675.00 To Shareholden Euty 35,300 000 Torond Shareholders 35422200 Your company has been engaged to perform an audit, during which you discover the following information: 1. Checks totaling $14,000 in payment of accounts payable were mailed on December 31, 2019, but were not recorded until 2030. Late in December 2019, the bank returned a customer's $2.000 check marked NSF." but no entry was made. Cash includes $100,000 restricted for building purposes 2. Included in accounts receivable is a $30,000 note due on December 31, 2022, from Zan's president 3. During 2019. Zeus purchased 500 shares of common stock of a major corporation that supplies Zeus with raw materials. Total cost of this stock was 551,300, and fair value on December 31, 2019, was 551,800. Zeus plans to hold these shares indefinitely 4. Treasury stock was recorded at cost when Zeus purchased 200 of its own shares for $32 per share in May 2019. This amount is included inimestments 5. On December 31, 2019. Zeus borrowed $500,000 from a bank in exchange for a 10% note payable, maturing December 31, 2024. Equal principal payments are due December 31 of each year beginning in 2020. This noteis collaterained by a 5250,000 tract of land acquired as a potential future building site, which is included 6. The mortgage payable requires $50,000 principal payments, plus interest, at the end of each month Pay ments were made on January 31 and February 28, 2020. The balance of this mortgage was due June 30, 2020. On March 1, 2020, prior to issuance of the audited financial statements, Zeus consummated a non cancelable agreement with the lender to refinance this mortgage. The new terms require 5100,000 annual P4-7: Estado de situacin clasificado (Complex Balance Sheet). (50 puntos) Complex Balance Sheet Powered below is the audited balance sheet of December 31, 2019, prepared by 10432 Macturing Corporis bookkeeper AICPA Adapted Zeus Mendocring Corporation Soon Shorthe Year Ended December 31, 2019 A Lisbond Shoholder'iy Cash $225.000 Accouple $ 133,000 Acco 345700 Mortgage payable 900.000 hores 560,000 500 000 Prepodneome 40,000 Lawy 57700 Income payable 61,200 land 450.000 Dedolly Building 1.750.000 Acum depreciation Machinery and 1.961.000 Total Liobiles 32.120,000 Goodwill 32000 Common stock 550 por 40 000 hores 231.000 Beloning 1.025.00 To Shareholder 35230100 Tot i and Shareholders' Equity Na 10.000 18.000 00.000 Your company has been engaged to perform an audit, during which you discover the following information 1. Checis totaling $14,000 in payment of counts payable were mailed on December 31, 2019, but were not recorded until 2020. Late in December 2019, the bank returned customer's $2.000 check marked "NS but no entry was made ab includes $100,000 restricted for building purposes 2. Indeed in accounts receivable is a $30,000 note do on December 31, 2022, from Zow's president 3. During 2019. Zens purchased 500 shares of comme sted of a major corporation that supplies with raw materials. Total cost of this weck was 551,300, and fair value on December 31, 2019, 551,300. Zeus plans to be the shares indefinitely 4. Try stock was recorded at cost when Zeus purchased 200 of its own shares for $32 per share in May 2019. This amount is included in investments 5. On December 31, 2019, Zeus borrowed 500,000 from a bank in exchange for a los cable, maturing December 31, 2024. Equal principal payments are dee December 31 of each year being in 2020. This noteis collatered by a $250.000 tract of land acquired as a potential building site, which included in land 6. The mortgage payable requires 550,000 principales plus interest, at the end of each month. Pay mens were made on January 31 and February 28, 2030. The balance of this more was due June 30, 2020. On March 1, 2020, prior tone of the audied financial statements, Zeus constated a non cancelable agreement with the lender to refinance this mortgage The wewterms wire 5100,000 annual 4.64 Che Bolonce Sheet and the Shoes pencil pens, plus interest, obrary of ach year, bening i 2021. The final pasti due February 28, 2028 7. The Lawsuit will be paid in 2030 8. Of the oldeferred to as 55,000 is considered a currently 9. The current income tax exprendin Za's 2019 income statement was $51,200 10. The company washed to 100.000 hores of $50 per valor come to Required Prepare a corrected danified balance sheet of December 31, 2019. This facial statement should include a paper heading format and cry descriptions