Problem 1-5A Bonita Industries was formed on January 1, 2017. At December 31, 2017, Miko Liu, the president and sole stockholder, decided to prepare a balance sheet, Bonita Irdustries Balance Sheet December 31, 2017 Liabilities and Stockholders Equity $23,200 Accounts payable Cash Accounts receivable Inventory Boat 58,000 Notes payable 41.760 Boat loan 27,840 Stockholders' equity $34,800 17,400 25,520 74,240 Miko wilingly admits that she is not an accountant by training. She is concerned that her balance sheet might not be correct. She has provided you with the 1. The boat actually belongs to Miko, not to Bonita Industries. However, because she thinks she might take customers out on the boat occasionally, she deci that she took out at the bank to buy the boat. 2. The inventory was originally purchased for $29,000, but due to a surge in demand Miko now thinks she could sell it for $41,760. She thought it would be 3. Included in the accounts receivable balance is $11,600 that Miko loaned to her brother 5 years ago. Miko included this in the receivables of Bonita Industi (b) Provide a corrected balance sheet for Bonita Industries. (Hint: To get the balance sheet to balance, adjust stockholders' equity.) (List assets in order ol Bonita Industries Balance Sheet Assets Liabilities and Stockholders Equity 41,760 Boat loan 27,840 Stockholders' equity 25,520 Inventory 74,240 Boat Miko willingly admits that she is not an accountant by training. She is concerned t 1. The boat actually belongs to Miko, not to Bonita Industries. However, because s that she took out at the bank to buy the boat. 2. The inventory was originally purchased for $29,000, but due to a surge in dema 3. Included in the accounts receivable balance is $11,600 that Miko loaned to her I (b) Provide a corrected balance sheet for Bonita Industries. (Hint: To get the balan Bonita Industries Balance Sheet Assets 2017. At December 31, 2017, Miko Liu, the president and sole stockholder, decided to prepare a balance sheet, which appeared as follows heet 1, 2017 counts payable tes payable at loan ockholders' equity $34,800 17,400 25,520 74,240 untant by training. She is concerned that her balance sheet might not be correct. She has provided you with the following additional information Industries. Howeverc because she thinks she might take customers out on the boat occasionally, she decided to list it as an asset of the company. To be consistent, she also listed as a boat. or $29,000, but due to a surge in demand Miko now thinks she could sell it for $41,760. She thought it would be best to record it at $41 nce is $11,600 that Miko loaned to her brother 5 years ago. in the receivables of Bonita Industries so she wouldn't forget that her brother owes her money. nita Industries. (Hint: To get the balance sheet to balance, adjust stockholders' equity.) (List assets in order of liquidity.) a Industries Stockholders Equity WB R
