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The following balance sheet for the Los Gatos Corporation was prepared by a recently hired accountent. In reviewing the statement you notice several errors. Balance
The following balance sheet for the Los Gatos Corporation was prepared by a recently hired accountent. In reviewing the statement you notice several errors. Balance Shect At December 31, 2818 42,82e 83,880 56,880 Accounts reccivable Machinery (net) Franchisc (nct) Total assets Liabilities and Sharcholders' Equity Accounts payable Allowance for uncollectible accounts Note payable Bonds payable sharcholders' equity 52,820 6,880 57,eee 111,eee Total liabilities and sharcholders' equity 1. Cash includes a $21,000 restricted amount to be used for repsyment of the bonds payable in 2022 2 The cost of the machinery is $192,000 3. Accounts receivable includes a $21,000 note receivable from a customer due in 2021. 4. The note payable includes sccrued interest of $6,000. Principal and interest are both due on February 1, 2019. 5. The company began operstions in 2013. Income less dividends since inception of the company totals $36,000 . 51,000 shares of no par common stock were issued in 2013. 100,000 shares re outhorized. Required: Prepare a corrected, classified balance sheet. (Amounts to be deducted should be Indicated by a minus sign.) s GATOS CORPORAT Balance Sheet At December 31, 2018
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