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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. Current assets: Cash SANDERSON MANUFACTURING COMPANY Accounts receivable Balance Sheet At December 31, 2021 ($ in 000s) Assets Allowance for uncollectible accounts Finished goods inventory Prepaid expenses $ 1,950 4,900 (1,100) 6,700 1,900 14,350 3,700 2,950 22,000 Total current assets Long-term assets: Investments Raw materials and work in process inventory Equipment Accumulated depreciation (4,900) Patent (net) Total assets $ ? Liabilities and Shareholders' Equity Current liabilities: Accounts payable $ 5,900 Notes payable 5,400 Interest payable (on notes) Deferred revenue Total current liabilities 800 4,400 16,500 Long-term liabilities: Bonds payable Interest payable (on bonds) 6,200 400 Shareholders' equity: Common stock $ ? 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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