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please prepare the balance sheet how it is in the picture The following balance sheet for the Los Gatos Corporation was prepared by a recently
please prepare the balance sheet how it is in the picture
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 intomation 1. Cash includes a $32,000 restricted amount to be used for repayment of the bonds payoble in 2028 . 2. The cost of the machinery is $214,000 3. Accounts recelvable includes a $32.000 notes recelvable from a customer due in 2027. 4. The notes payable bolance includes accrued interest of $17,000. Principal and interest ace both due on February 1,2025. 5. The company began operations in 2019 . Net income less dividends since inception of the company totals $47,000 6. 62.000 shares of no par common stock were issued in 2019.200,000 shares are authorized. Required: Prepare a corrected, classifled balance sheet Use the additionat information to help determine approprlate classifications and account bolances. The cost of machinery and its accumulated depreclation are shown separately. Note: Amounts to be deducted should be indicated by a minus sign. 1. Cash includes a $32,000 restricted amount to be used for repayment of the bonds payable in 2028 2. The cost of the machinery is $214,000. 3. Accounts recelvable includes a $32,000 notes receivable from a customer due in 2027. 4. The notes payable balance includes accrued interest of $17,000. 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 $47,000. 6. 62,000 shares of no par common stock were issued in 2019. 200,000 shares are authorized. 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 depreclation are shown separately. Note: Amounts to be deducted should be indicated by a minus sign Step by Step Solution
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