Question
The bookkeeper for Gato Corp has prepared the following balance sheet as at December 31, 2021: Cash Gato Corp Balance Sheet December 31, 2021
The bookkeeper for Gato Corp has prepared the following balance sheet as at December 31, 2021: Cash Gato Corp Balance Sheet December 31, 2021 Current Liabilities Accounts Receivable (net) Inventories Investments Land Building (net) Trademark (net) $136,000 103,200 64,000 56,000 320,000 240,000 16,000 $935,200 The following additional information is provided: The cash balance includes: Petty cash fund T-bill Cash advance to employee, payable on demand Saving Account at TD Bank Money market fund Chequing account at the Bank of Montreal $ 280,000 Long-term Liabilities Shareholders Equity 480,000 175,200 320 6.400 1,600 4,000 8,000 117,920 (2,240) $136.000 $935.200 Bank overdraft at the Scotia Bank (no other accounts are held at Total 2. The allowance for doubtful accounts $16,320 3. The net realizable value of the inventory that is included in the Balance Sheet is $85,000. In addition, inventories do not include:
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