Page 155 P 3-8 Balance sheet; errors; missing amounts LO3-2, LO3-3 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 At December 31, 2021 (S in thousands) Assets Current assets Canh $ 1.250 Accounts receivable 3,500 Allowance for uncollectible accounts (400) 6.000 Faithe goods inventory Prepaid expenses 1.200 Total current assets 11.550 3.000 2230 Long term assets Investitats Raw materials and work in process inventory Equipadest Alte dtpreslation Pet 11.000 62F Clear Liabilities and Shareholders' Equity AR 6 os Current liabilities: Accounts payable Notes payable $5,200 Interest payable (on notes) 4.000 Deferred revenue 100 3,000 Total current liabikties 12,300 Long-term liabilities Bonds payable Interest payable (on bonds Shareholders' equity 5.500 200 $ Common stock Retained earnings Total liabilities and thareholders equity 01 LL Add/tional Information is in thousands): Certain records that included the account balances for the patent and shareholders' equity items were lost. However, the controller told ou that a complete, preliminary balance sheet prepared before the records were lost showed a debt to equity ratio of 12. That is total liabilities are 120% of total shareholders equity Retained earnings at the beginning of the year wus 54.000 Net income 2031 $2.560 and $360 in a dividendo wete declared and paid to shareholders Al Management intends to sell the investments in the next six months Interest on both the tites and the bonds is payable annually 4. The notes parable are cuttual installments of $1.000 each Deferred to be recognised 43 revenue equally over the next two cal seats The coreon stock podset 400.003ses of par stock authorized 250.000 shares ired and outstanding 62F Clear een 00 shares of no par stock authorized, 250.000 shares issued and outstanding. Required: Prepare a complete, corrected, classified balance sheet. Include headings for each classification, as well as titles for each classifications subtotal. An example of a classified balance sheet can be found in the Concept Review Exercise at the end of Part A of this chapter