please complete balance sheet
Additional information ($ 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 12. That Is, total liabilities are 120% of total shareholders' equity, Retained earnings at the beginning of the year was $5,600. Net Income for 2021 was $1,950 and $500 in cash dividends were declared and paid to shareholders. 2. Management intends to sell the investments in the next six months. 3. Interest on both the notes and the bonds is payable annually 4. The notes payable are due in annual installments of $1,400 each. 5. Deferred revenue will be recognized as revenue equally over the next two fiscal years. 6. The common stock represents 400,000 shares of no par stock authorized, 330,000 shares issued and outstanding, 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. $ 2,050 5,100 (1,200) 6,800 2,000 14,750 SANDERSON MANUFACTURING COMPANY Balance Sheet At December 31, 2021 ($ in 000) Assets Current assets: Cash Accounts receivable Allowance for uncollectible accounts Pinished goods inventory Prepaid expenses Total current assets Long-term assets: Investments Raw materials and work in process inventory Equipment Accumulated depreciation Patent (net) Total assets Liabilities and Shareholders' Equity Current liabilities: Accounts payable Notes payable Interest payable con notes) Deferred revenue Total current liabilities Long-term liabilities: Bonds payable Interest payable (on bonds) Shareholders' equitys Common stock Retained earnings Total liabilities and shareholders' equity 3,800 3,050 23.000 (5,000) $ 2 $ 6,000 5,600 900 4,600 17.100 6,300 300 Required: Prepare a complete, corrected, classified balance sheet. (Amounts to be deducted sh SANDERSON MANUFACTURING COMPANY Balance Sheet At December 31, 2021 (s in 000s, except share data) Assets Current assets: 2,050 Cash Short-term investments Accounts receivable 800 Net accounts receivable Inventory Raw materials and work in process Finished goods 3050 16800 I 9,850 2,000 17,700 Prepaid expenses Total current assets Property, plant, and equipment: Equipment Accumulated depreciation Net property, plant, and equipment Intangible assets: Patent (net) 23,000 (5,000) | 18,000 3,850 $ 39,550 Total assets Liabilities and Shareholders' Equity Current liabilities: Accounts payable Interest payable Deferred revenue Current maturities of long-term debt 6,000
