The following balance sheet for the Los Gatos Corporation was prepared by a recently hired accountant....

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The following balance sheet for the Los Gatos Corporation was prepared by a recently hired accountant. In reviewing the state

Balance Sheet At December 31, 2021 Assets Current assets: Net accounts receivable Total current assets Investments: Total inv

Total investments Property, plant, and equipment: Net property, plant, and equipment Intangible assets: Total assets Liabilit

business accounting

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Answer 1

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LOS GATOS CORPORATION Balance Sheet At December 31, 2021
Assets
Curent Assets
Cash (48000-24000)		24,000
Accounts Receivable (net) (92000-24000-9000)		59,000
Inventories		59,000
Total Current Assets		142,000
Investments
Restricted Cash	24,000
Note Receivable	24,000
Total Investments		48,000
Property,Plant & Equipment
Machinery	198,000
Accumulated Depriciation	74,000
Net property, plant, and equipment		124,000
Intangible Assets
Franchise		34,000
Total Assets		348,000
Liabilities and Shareholders' Equity
Current liabilities
Accounts payable		58,000
Interest payable		9,000
Note payable (63000-9000)		54,000
Total current liabilities		121,000
Longterm liabilities
Bonds payable		114,000
Shareholders' equity
Common stock (113000-39000)	74,000
Retained earnings	39,000
Total Shareholder's equity		113,000
Total Liabilities and Shareholders' Equity		348,000

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Answer 2

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