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Please fill the blance sheeg out!! The bookkeeper for Concord Company has prepared the following balance sheet as of July 31, 2020. Cash Accounts receivable
Please fill the blance sheeg out!!
The bookkeeper for Concord Company has prepared the following balance sheet as of July 31, 2020. Cash Accounts receivable (net) Inventory CONCORD COMPANY BALANCE SHEET AS OF JULY 31, 2020 $ 72,480 Notes and accounts payable 43.980 Long-term liabilities 63,480 Stockholders' equity $ 47,480 78.480 158,980 Equipment (net) 84,000 $284.940 Patents 21.000 $284,940 The following additional information is provided. 1. 2. 3. Cash includes $1.200 in a petty cash fund and $12,560 in a bond sinking fund, The net accounts receivable balance is comprised of the following two items: (a) accounts receivable $47,480 and (b) allowance for doubtful accounts $3,500. Inventory costing $5,456 was shipped out on consignment on July 31, 2020. The ending inventory balance does not include the consigned goods. Receivables in the amount of $5,456 were recognized on these consigned goods. Equipment had a cost of $115,480 and an accumulated depreciation balance of $31.480. Income taxes payable of $6,000 were accrued on July 31. Concord Company, however, had set up a cash fund to meet this obligation. This cash fund was not included in the cash balance but was offset against the income taxes payable amount 4. 5. Prepare a corrected classified balance sheet as of July 31, 2020, from the available information, adjusting the account balances using the additional information. (List Current Assets in order of liquidity) CONCORD COMPANY Balance Sheet Assets > $ Step by Step Solution
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