Required:

Determine the company's working cap ital $($current assets minus current liabilities$)$ at December $31,2024$

The following balance sheet for the LoS Gatos Corporation was prepared by a recently hired accountant. In reviewing the statement you notice several errors.

LOS GATOS CORPORATION

Balance Sheet

At December $31,2024$

Assets

Cash

Accounts receivable

Inventory

Machinery $($net$)$

Franchise $($net$)$

Total assets

Liabilities and Share holders' Equity

Accounts payable

Allowance for uncollectible accounts

Notes payable

Bonds payable

Shareholders' equity

Total liabilities and Share holders' equity

$\backslash$table$[[$$$40,000$