Question: A s controller for Henderson, you are attempting t o reconstruct and revise the following balance sheet prepared b y a staff accountant. Henderson Manufacturing
controller for Henderson, you are attempting reconstruct and revise the following balance sheet prepared a staff accountant.
Henderson Manufacturing CompanyBalance SheetDecember $ Current assets: Cash $ Accounts receivable Allowance for uncollectible accounts goods inventory Prepaid expenses Total current assets Longterm assets: Investments Raw materials and work process inventory Equipment Accumulated depreciationequipment question markTotal assets $ question markLiabilities and Shareholders Equity Current liabilities: Accounts payable $ Notes payable Interest payablenote Deferred revenue Total current liabilities Longterm liabilities: Bonds payable Interest payablebonds Shareholders equity: Common stock$ question mark Retained earnings?question mark?question markTotal liabilities and shareholders equity question mark
Additional information $ :
Certain records that included the account balances for the franchise and shareholders equity items were lost. However, a complete, preliminary balance sheet prepared before the records were lost showed a debt equity ratio That total liabilities are total shareholders equity. Retained earnings the beginning the year was $ Net income for was $ and $ cash dividends were declared and paid shareholders.
The investments represent treasury bills purchased December that mature January These are considered cash equivalents.
Interest both the notes and the bonds payable annually.
The notes payable account contains one note that due annual installments $ for each payment due.
Deferred revenue will recognized equally over the next months.
The common stock represents shares par stock authorized, which shares are issued and outstanding.
Required:
Prepare a complete, corrected, classified balance sheet.
Note: not round your intermediate calculations. Enter your answers the order their liquidity. Amounts deducted should indicated a minus sign. Enter your answers thousands dollars.
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