he following balance sheet for the Los Gatos Corporation was prepared by a recently hired...
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he following balance sheet for the Los Gatos Corporation was prepared by a recently hired accountant In reviewing the statement ou notice several errors Cash Accounts receivable Inventory Machinery net Franchise net Total assets LOS GATOS CORPORATION Balance Sheet At December 31 2024 Assets Liabilities and Shareholders Equity Accounts payable Allowance for uncollectible accounts Notes payable Bonds payable Shareholders equity Total liabilities and shareholders equity 44 000 86 000 57 000 122 000 32 000 341 000 54 000 7 000 59 000 112 000 109 000 341 000 Additional Information 1 Cash includes a 22 000 restricted amount to be used for repayment of the bonds payable in 2028 2 The cost of the machinery is 194 000 3 Accounts receivable includes a 22 000 notes receivable from a customer due in 2027 4 The notes payable balance includes accrued interest of 7 000 Principal and interest are both due on February 1 2025 5 The company began operations in 2019 Net income less dividends since inception of the company totals 37 000 6 52 000 shares of no par common stock were issued in 2019 200 000 shares are authorized equired repare a corrected classified balance sheet Use the additional information to help determine appropriate classifications and account
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