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Please show the whole balance sheet The following balance sheet for the Los Gatos Corporation was prepared by a recently hired accountant. In reviewing the
Please show the whole balance sheet
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 $37,000 restricted amount to be used for repayment of the bonds payable in 2022 . 2. The cost of the machinery is $224,000. 3. Accounts receivable includes a $37,000 note receivable from a customer due in 2021. 4. The note payable includes accrued interest of $22,000. Principal and interest are both due on February 1, 2019. 5. The company began operations in 2013 . Income less dividends since inception of the company totals $52,000. 6. 67,000 shares of no par common stock were issued in 2013. 100,000 shares are authorized. Required: Prepare a corrected, classified balance sheet. Enter amounts in order of liquidity. (Amounts to be deducted should be indicated by minus sign.)Step by Step Solution
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