The following incomplete balance sheet for the Sanderson Manufacturing Company was prepared by the companys 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 $ 1,250 Accounts receivable 3,500 Allowance for uncollectible accounts (400 ) Finished goods inventory 6,000 Prepaid expenses 1,200 Total current assets 11,550 Long term assets Investments 3,000 Raw materials and work in process inventory 2,250 Equipment 15,000 Accumulated depreciation (4,200 ) Patent (net) Total assets $ Liabilities and Shareholders Equity Current liabilities Accounts payable $ 5,200 Notes payable 4,000 Interest payable (on notes) 100 Deferred revenue 3,000 Total current liabilities 12,300 Long term liabilities Bonds payable 5,500 Interest payable (on bonds) 200 Shareholders equity Common stock $ Retained earnings Total liabilities and shareholders equity Additional information ($ in 000s) Certain records that included the account balances for the patent and shareholders equity items were lost However, the controller told you that a complete, preliminary balance sheet prepared before the records were lost showed a debt to equity ratio of 1 2 That is, total liabilities are 120 of total shareholders equity Retained earnings at the beginning of the year was $4,000 Net income for 2021 was $1,560 and $560 in cash dividends were declared and paid to shareholders Management intends to sell the investments in the next six months Interest on both the notes and the bonds is payable annually The notes payable are due in annual installments of $1,000 each Deferred revenue will be recognized as revenue equally over the next two fiscal years The common stock represents 400,000 shares of no par stock authorized, 250,000 shares issued and outstanding Required Prepare a complete, corrected, classified balance sheet (Amounts to be deducted should be indicated by a minus sign )

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The following incomplete balance sheet for the Sanderson Manufacturing Company was prepared by the companys controller. As accounting manager for Sanderson, you are attempting to

The following incomplete balance sheet for the Sanderson Manufacturing Company was prepared by the companys 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			$	1,250
Accounts receivable				3,500
Allowance for uncollectible accounts				(400	)
Finished goods inventory				6,000
Prepaid expenses				1,200
Total current assets				11,550
Long-term assets:
Investments				3,000
Raw materials and work in process inventory				2,250
Equipment				15,000
Accumulated depreciation				(4,200	)
Patent (net)				?
Total assets			$	?
Liabilities and Shareholders Equity
Current liabilities:
Accounts payable			$	5,200
Notes payable				4,000
Interest payable (on notes)				100
Deferred revenue				3,000
Total current liabilities				12,300
Long-term liabilities:
Bonds payable				5,500
Interest payable (on bonds)				200
Shareholders equity:
Common stock	$	?
Retained earnings		?		?
Total liabilities and shareholders equity				?

Additional information ($ in 000s):

Certain records that included the account balances for the patent and shareholders equity items were lost. However, the controller told you that a complete, preliminary balance sheet prepared before the records were lost showed a debt to equity ratio of 1.2. That is, total liabilities are 120% of total shareholders equity. Retained earnings at the beginning of the year was $4,000. Net income for 2021 was $1,560 and $560 in cash dividends were declared and paid to shareholders.
Management intends to sell the investments in the next six months.
Interest on both the notes and the bonds is payable annually.
The notes payable are due in annual installments of $1,000 each.
Deferred revenue will be recognized as revenue equally over the next two fiscal years.
The common stock represents 400,000 shares of no par stock authorized, 250,000 shares issued and outstanding.

Required: Prepare a complete, corrected, classified balance sheet. (Amounts to be deducted should be indicated by a minus sign.)