Please help!!
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 | $ | 1,750 | |||
Accounts receivable | 4,500 | ||||
Allowance for uncollectible accounts | (900 | ) | |||
Finished goods inventory | 6,500 | ||||
Prepaid expenses | 1,700 | ||||
Total current assets | 13,550 | ||||
Long-term assets: | |||||
Investments | 3,500 | ||||
Raw materials and work in process inventory | 2,750 | ||||
Equipment | 20,000 | ||||
Accumulated depreciation | (4,700 | ) |
Patent (net) | ? | ||||
Total assets | $ | ? |
Liabilities and Shareholders’ Equity | |||||
Current liabilities: | |||||
Accounts payable | $ | 5,700 | |||
Notes payable | 5,000 | ||||
Interest payable (on notes) | 600 | ||||
Deferred revenue | 4,000 | ||||
Total current liabilities | 15,300 |
Long-term liabilities: | |||||
Bonds payable | 6,000 | ||||
Interest payable (on bonds) | 700 |
Shareholders’ equity: | |||||
Common stock | $ | ? | |||
Retained earnings | ? | ? | |||
Total liabilities and shareholders’ equity | ? |
MORE INFORMATION NEEDED:
Please Prepare a complete, corrected, classified balance sheet. (Amounts to be deducted should be indicated by a minus sign.)
Sanderson Manufacturing Company | ||
Balance Sheet | ||
At December 31, 2011 | ||
($ in 000s, except share data) | ||
Assets | ||
Current assets: | ||
Cash | $ 1,750.00 | |
Short-term investments | $ 3,500.00 | |
Accounts receivable, net of $900 allowance for uncollectible accounts . | $ 3,600.00 | |
Inventories: | ||
Raw materials and work in process | $ 2,750.00 | |
Finished goods | $ 6,500.00 | $ 9,250.00 |
Prepaid expenses | $ 1,700.00 | |
Total current assets | $ 19,800.00 | |
Property, plant, and equipment: | ||
Equipment | $ 20,000.00 | |
Less: Accumulated depreciation | $ (4,700.00) | |
Net property, plant, and equipment | $ 15,300.00 | |
Intangible assets: | ||
Patent (42000 - sum of all other assets ) | $ 6,900.00 | |
Total assets | $ 42,000.00 | |
Liabilities and Shareholders' Equity | ||
Current liabilities: | ||
Accounts payable | $ 5,700.00 | |
Interest payable (600 + 700) | $ 1,300.00 | |
Unearned revenue = 4000/2 | $ 2,000.00 | |
Current maturities of long-term debt | $ 1,250.00 | |
Total current liabilities | $ 10,250.00 | |
Long-term liabilities: | ||
Unearned revenue (4000/2) | 2,000 | |
Note payable (5000 -1250) | 3,750 | |
Bonds payable | 6,000 | $ 11,750.00 |
Total Liabilities | $ 22,000.00 | |
Shareholders’ equity: | ||
Common stock, no par, 600,000 shares authorized, 300,000 shares issued and outstanding | ||
250,000 shares issued and outstanding | 13,900 | |
Retained earnings (5000 + 1800 -700) | 6,100 | |
Total shareholders’ equity (22000/1.1) | $ 20,000.00 | |
Total liabilities and shareholders’ equity | $ 42,000.00 | |
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