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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
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 At December 31, 2021 ($ in 000s) Assets Current assets: Cash Accounts receivable Allowance for uncollectible accounts Finished goods inventory Prepaid expenses $ 2,350 5,700 (1,500) 7,100 2,300 Total current assets Long-term assets: Investments Equipment 15,950 4,100 Raw materials and work in process inventory Accumulated depreciation 3,350 20,000 (5,300) Patent (net) ? Total assets $ ? Liabilities and Shareholders' Equity Current liabilities: Accounts payable $ 6,300 Notes payable 6,200 Interest payable (on notes) 1,200 Deferred revenue 5,200 Total current liabilities 18,900 Long-term liabilities: Bonds payable Interest payable (on bonds) 6,600 500 Shareholders' equity: Common stock $ 7 Retained earnings ? ? Total liabilities and shareholders' equity ? Additional information ($ in 000s): 1. Certain records that included the account balances for the patent and shareholders' equity items were lost. However, the controller
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