Problem 122 The following balance sheet was prepared by the bookkeeper for Kraus Company as of December 31, 2017 Kraus Company Balance Sheet as of December 31, 2017 $94,610 Accounts payable Cash Accounts receivable (net) Inventory Investments Equipment (net) Patents $75,410 100,000 49,660 Bonds payable 61,720 Stockholders' equity 245,590 78,420 104,270 32,320 $421,000 $421,000 The following additional information is provided: 1. Cash includes the cash surrender value of a life insurance policy $9,480, and a bank overdraft of $2,950 has been deducted 2. The net accounts receivable balance includes: (a) accounts receivable-debit balances $58,040; (b) accounts receivable-credit balances $3,950; (c) allowance for doubtful accounts $4,430 3. Inventory does not include goods costing $3,080 shipped out on consignment. Receivables of $3,080 were recorded on these goods 4. Investments include investments in common stock, trading $20,170 and available-for-sale $50,160, and franchises $8,090 5. Equipment costing $5,130 with accumulated depreciation $4,130 is no longer used and is held for sale. Accumulated depreciation on the other equipment is $40,630 Prepare a balance sheet in good form. (List Assets in order of liquidity.) Kraus Company Balance Sheet Assets Liabilities and Stockholders' Equity