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The following balance sheet for the Los Gatos Corporation was prepared by a recently hired accountant. In reviewing the statement you notice several errors. Additional
The following balance sheet for the Los Gatos Corporation was prepared by a recently hired accountant. In reviewing the statement you notice several errors. Additional Information: 1. Cash includes a $29,000 restricted amount to be used for repayment of the bonds payable in 2028. 2 . The cost of the machinery is $208,000. 3. Accounts receivable includes a $29,000 notes receivable from a customer due in 2027. 4. The notes payable balance includes accrued interest of $14,000. Principal and interest are both due on February 1, 2025. 5. The company began operations in 2019. Net income less dividends since inception of the company totals $44,000. \begin{tabular}{|c|c|c|} \hline \multicolumn{3}{|c|}{ At December 31, 2024} \\ \hline \multicolumn{3}{|c|}{ Assets } \\ \hline \multicolumn{3}{|l|}{ Current assets: } \\ \hline & & \\ \hline \\ \hline \\ \hline Net accounts receivable & & 0 \\ \hline \\ \hline Total current assets & & 0 \\ \hline \multicolumn{3}{|l|}{ Investments: } \\ \hline \\ \hline \multicolumn{3}{|l|}{P} \\ \hline \multicolumn{3}{|l|}{ Property, plant, and equipment: } \\ \hline \multicolumn{3}{|l|}{=} \\ \hline \\ \hline Net property, plant, and equipment & & 0 \\ \hline \multicolumn{3}{|l|}{ Intangible assets: } \\ \hline \\ \hline \\ \hline \multicolumn{3}{|l|}{ Other assets: } \\ \hline \\ \hline \\ \hline Total assets & & $ \\ \hline \end{tabular} \begin{tabular}{|c|l|l|} \hline \multicolumn{2}{|c|}{ Liabilities and Shareholders' Equity } & \\ \hline Current liabilities: & & \\ \hline & & \\ \hline & & \\ \hline Total current liabilities & & \\ \hline Long-term liabilities: & & \\ \hline & & \\ \hline Total liabilities & & \\ \hline Shareholders' equity: & & \\ \hline & & \\ \hline \hline \end{tabular}
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