Exercise 3-7 Balance sheet preparation; errors [LO3-2, 3-3) The following balance sheet for the Los Gatos...
The following balance sheet for the Los Gatos Corporation was prepared by a recently hired accountant. In reviewing the statement you notice several errors. $ LOS GATOS CORPORATION Balance Sheet At December 31, 2021 Assets Cash Accounts receivable Inventory Machinery (net) Franchise (net) Total assets Liabilities and Shareholders' Equity Accounts payable Allowance for uncollectible accounts Notes payable Bonds payable Shareholders' equity Total liabilities and shareholders' equity 70,000 125,000 70,000 135,000 45,000 445,000 $ $ 80,000 20,000 85,000 125,000 135,000 445,000...
Exercise 3-7 (Static) Balance sheet preparation; errors [LO3-2, 3-3] The following balance sheet for the Los Gatos Corporation was prepared by a recently hired accountant. In reviewing the statement you notice several errors. LOS GATOS CORPORATION Balance Sheet At December 31, 2021 Assets Cash $ 40,000 Accounts receivable 80,000 Inventory 55,000 Machinery (net) 120,000 Franchise (net) 30,000 Total assets $ 325,000 Liabilities and Shareholders’ Equity Accounts payable $ 50,000 Allowance for uncollectible accounts 5,000 Notes payable 55,000 Bonds payable 110,000...
The following balance sheet for the Los Gatos Corporation was prepared by a recently hired accountant. In reviewing the statement you notice several errors. LOS GATOS CORPORATION Balance Sheet At December 31, 2018 Assets Cash $ 76,000 Accounts receivable 134,000 Inventories 73,000 Machinery (net) 138,000 Franchise (net) 48,000 Total assets $ 469,000 Liabilities and Shareholders’ Equity Accounts payable $ 86,000 Allowance for uncollectible accounts 23,000 Note payable 91,000 Bonds payable 128,000 Shareholders’ equity 141,000 Total liabilities and shareholders’ equity $...
The following balance sheet for the Los Gatos Corporation was prepared by a recently hired accountant. In reviewing the statement you notice several errors. LOS GATOS CORPORATION Balance Sheet At December 31, 2018 Assets Cash $ 42,000 Accounts receivable 83,000 Inventories 56,000 Machinery (net) 121,000 Franchise (net) 31,000 Total assets $ 333,000 Liabilities and Shareholders’ Equity Accounts payable $ 52,000 Allowance for uncollectible accounts 6,000 Note payable 57,000 Bonds payable 111,000 Shareholders’ equity 107,000 Total liabilities and shareholders’ equity $...
The following balance sheet for the Los Gatos Corporation was prepared by a recently hired accountant. In reviewing the statement you notice several errors. LOS GATOS CORPORATION Balance Sheet At December 31, 2018 Assets Cash $ 76,000 Accounts receivable 134,000 Inventories 73,000 Machinery (net) 138,000 Franchise (net) 48,000 Total assets $ 469,000 Liabilities and Shareholders’ Equity Accounts payable $ 86,000 Allowance for uncollectible accounts 23,000 Note payable 91,000 Bonds payable 128,000 Shareholders’ equity 141,000 Total liabilities and shareholders’ equity $...
The following balance sheet for the Los Gatos Corporation was prepared by a recently hired accountant. In reviewing the statement you notice several errors. LOS GATOS CORPORATION Balance Sheet At December 31, 2021 Assets Cash $ 40,000 Accounts receivable 80,000 Inventory 55,000 Machinery (net) 120,000 Franchise (net) 30,000 Total assets $ 325,000 Liabilities and Shareholders’ Equity Accounts payable $ 50,000 Allowance for uncollectible accounts 5,000 Notes payable 55,000 Bonds payable 110,000 Shareholders’ equity 105,000 Total liabilities and shareholders’ equity $...
The following balance sheet for the Los Gatos Corporation was prepared by a recently hired accountant. In reviewing the statement you notice several errors. LOS GATOS CORPORATION Balance Sheet At December 31, 2021 Assets Cash Accounts receivable Inventory Machinery (net) Franchise (net) Total assets Liabilities and Shareholders' Equity Accounts payable Allowance for uncollectible accounts Notes payable Bonds payable Shareholders' equity Total liabilities and shareholders' equity $ 68,000 122,000 69,000 134,000 44,000 $ 437,000 $ 78,000 19,000 83,000 124,000 133,000 $...
The following balance sheet for the Los Gatos Corporation was prepared by a recently hired accountant. In reviewing the statement you notice several errors. LOS GATOS CORPORATION Balance Sheet At December 31, 2021 Assets Cash Accounts receivable Inventory Machinery (net) Franchise (net) Total assets Liabilities and Shareholders' Equity Accounts payable Allowance for uncollectible accounts Notes payable Bonds payable Shareholders' equity Total liabilities and shareholders' equity $ 78,000 137,000 74,000 139,000 49,000 $ 477,000 $ 88,000 24,000 93,000 129,000 143,000 $...
The following balance sheet for the Los Gatos Corporation was prepared by a recently hired accountant. In reviewing the statement you notice several errors. $ 5.25 Joints LOS GATOS CORPORATION Balance Sheet At December 31, 2021 Assets Cash Accounts receivable Inventory Machinery (net) Franchise (net) Total assets Liabilities and Shareholders' Equity Accounts payable Allowance for uncollectible accounts Notes payable Bonds payable Shareholders' equity Total liabilities and shareholders' equity 74,000 131,000 72,089 137,000 47,809 461,000 8 02:40:32 $ $ 84,000 22,000...
The following balance sheet for the Los Gatos Corporation was prepared by a recently hired accountant. In reviewing the statement you notice several errors. LOS GATOS CORPORATION Balance Sheet At December 31, 2021 Assets Cash Accounts receivable Inventory Machinery (net) Franchise (net) Total assets Liabilities and Shareholders' Equity Accounts payable Allowance for uncollectible accounts Notes payable Bonds payable Shareholders' equity Total liabilities and shareholders' equity $ 64,000 116,000 67,000 132,000 42,000 $ 421,000 74,000 17,000 79,000 122,000 129,000 $ 421,000...