Problem 3-8 (Algo) Balance sheet; errors; missing amounts [LO3-2, 3-3] The following incomplete balance sheet for the Sanderson Manufacturing Company was prepared by the company's controller. As accounting manager for Sanderson you are attempting to reconstruct and revise the balance sheet. SANDERSON MANUFACTURING COMPANY Balance Sheet A December 31, 2021 ($in 0005) Current assets $1,650 4.300 (800) 6400 1.600 12.150 3.400 2.550 19,000 (4.600) Accounts receivable Allowance EOE uncollectible accounts Finished goods inventory Prepaid expenses Total current assets Long-term assets: Investments Pas materials and work in process invento Equipment Acculated depreciation Patent nee Total assets Liabilities and Shareholders' Equity Cuent liabilities Accounts payable Notas payable Interest payable con notes) Defenced Eevenue Total C ent liabilities Long-term liabilities: Bonds payable Intest payable con bonds) Shareholdere Consen stock Retained earnings Total liabilities and shareholdersequity $5.600 4.800 500 2.800 14.700 5,900 100 Additional Information i$ In 000: 1. Certain records that included the account balances for the patent and shareholders' equity items were lost. However, the controller told you that a complete, preliminary balance sheet prepared before the records were lost showed a debt to equity ratio of 1.2. That is total liabilities are 120% of total shareholders' equity Retained eamings at the beginning of the year was $4.800. Net Income for 2021 was $1.650 and $800 in cash dividends were declared and paid to shareholders 2. Management intends to sell the investments in the next six months. 3. Interest on both the notes and the bonds is payable annually 4. The notes payable are due in annual installments of $1,200 each 5. Deferred revenue will be recognized as revenue equally over the next two fiscal years 6. The common stock represents 400,000 shares of no par stock authorized, 290,000 shares issued and outstanding syucu. Prepare a complete, corrected, classified balance sheet (Amounts to be cleclucted should be indicated by a minus sign.) SANDERSON MANUFACTURING COMPANY Balance Sheet At December 31, 2021 ($ in 00s, except share data) Assets Current arreta Net accounts receivable Inventory Total current assets Property plant and equipment Net property, plant, and equipment Intangible assets Total arts Libilities and Shareholders' Equity Current liabilities Total current liabilities Long-term liabilities: Total long-term liabilities Total liabilities Shareholders equity: Total shareholders equity Total liabilities and shareholders equity