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please help me! Required: Prepare a corrected, classified balance sheet. Use the additional information to help determine appropriate classifications and accou balances. The cost of
please help me!
Required: Prepare a corrected, classified balance sheet. Use the additional information to help determine appropriate classifications and accou balances. The cost of machinery and its accumulated depreciation are shown separately. Note: Amounts to be deducted should be indicated by a minus sign. \begin{tabular}{|c|c|c|c|} \hline Total assets & & $ & 314,000 \\ \hline \multicolumn{4}{|c|}{ Liabilities and Shareholders' Equity } \\ \hline \multicolumn{4}{|l|}{ Current liabilities: } \\ \hline Accounts payable & & $ & 88,000 \\ \hline Interest payable & & & 24,000 \\ \hline Notes payable & & & 69,000 \\ \hline Total current liabilities & & & 181,000 \\ \hline \multicolumn{4}{|l|}{ Long-term liabilities: } \\ \hline Bonds payable & & & 129,000 \\ \hline \begin{tabular}{|c|} Total liabilities \\ \end{tabular} & & & 310,000 \\ \hline \multicolumn{4}{|l|}{ Shareholders' equity: } \\ \hline Common stock & 89,000 & & \\ \hline Retained earnings & 54,000 & & \\ \hline Total shareholders' equity & & & 143,000 \\ \hline Total liabilities and shareholders' equity & & $ & 453,000 \\ \hline \end{tabular} The following balance sheet for the Los Gatos Corporation was prepared by a recently hired accountant. In reviewing the statement you notice several errors. Additional Information: 1. Cash includes a $39,000 restricted amount to be used for repayment of the bonds payable in 2028 . 2. The cost of the machinery is $228,000. 3. Accounts receivable includes a $39,000 notes receivable from a customer due in 2027. 4. The notes payable balance includes accrued interest of $24,000. Principal and interest are both due on February 1, 2025. 5. The company began operations in 2019 . Net income less dividends since inception of the company totals $54,000. 6. 69,000 shares of no par common stock were issued in 2019.200,000 shares are authorized. 2 1.5 points Mc Step by Step Solution
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