Explori D21 AssignI M Deck Student D21 Course Qu X C The follC The foll C The foll | Columb|DEL Grades C Chegg Course Q Compr + V X C ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.com%252Fmghmiddleware... Update YouTube Maps Translate News @ Home QuickBooks 7 RMA University eM.. Payments Hub M Gmail Students Home Homework 3 i Saved Help Save & Exit Submit Check my work 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. 6.66 LOS GATOS CORPORATION points Balance Sheet At December 31, 2024 Assets Cash $ 80,000 eBook Accounts receivable 140, 000 Inventory 75,000 Hint Machinery (net) 140, 900 Franchise (net) 50,000 Print Total assets $ 485,000 References Liabilities and Shareholders' Equity Accounts payable $ 90,000 Allowance for uncollectible accounts 25, 000 Notes payable 95 ,000 Bonds payable 130,000 Shareholders' equity 145,000 Total liabilities and shareholders' equity $ 485,000 Additional Information: 1. Cash includes a $40,000 restricted amount to be used for repayment of the bonds payable in 2028. 2. The cost of the machinery is $230,000. Mc Graw Hill 69.F W 7:18 PM Clear 11/10/2022 3Explori D21 AssignI M Deck Student D21 Course Qu X C The foll C The foll C The foll | Columb|DEL Grades C Chegg Home Q Compr + V X C ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.com%252Fmghmiddleware... Update YouTube Maps Translate News @ Home QuickBooks 7 RMA University eM... Payments Hub M Gmail Students Home Homework 3 i Saved Help Save & Exit Submit Check my work 3 LOSII Accounts receivable 140, 000 Inventory 75,000 Machinery (net) 140, 000 Franchise (net) 50,000 Total assets $ 485,900 6.66 Liabilities and Shareholders' Equity points Accounts payable $ 90,900 Allowance for uncollectible accounts 25,000 Notes payable 95, 000 eBook Bonds payable 130, 000 Shareholders' equity 145, 000 Hint Total liabilities and shareholders' equity $ 485,000 Print Additional Information: References 1. Cash includes a $40,000 restricted amount to be used for repayment of the bonds payable in 2028. 2. The cost of the machinery is $230,000. 3. Accounts receivable includes a $40,000 notes receivable from a customer due in 2027. 4. The notes payable balance includes accrued interest of $25,000. 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 $55,000. 6. 70,000 shares of no par common stock were issued in 2019. 200,000 shares are authorized. Required: Prepare a corrected, classified balance sheet. Use the additional information to help determine appropriate classifications and account balances. The cost of machinery and its accumulated depreciation are shown separately. Note: Amounts to be deducted should be indicated by a minus sign. Mc Graw Hill 69.F W 7:19 PM 3 Clear 11/10/2022Explori D21 AssignI M Deck Student D21 Course Qu X C The foll C The foll C The foll | Columb|DEL Grades C Chegg Home Q Compr + V X C ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.com%252Fmghmiddleware... Update YouTube Maps Translate News @ Home QuickBooks 7 RMA University eM... Payments Hub M Gmail Students Home Homework 3 i Saved Help Save & Exit Submit Check my work 3 LOS GATOS CORPORATION Balance Sheet At December 31, 2024 6.66 Assets points Current assets Cash $ 40,000 eBook Accounts receivable 100,000 Allowance for uncollectible accounts (25,000 Hint Net accounts receivable 75,000 Print References Total current assets 115,000 Investments Notes receivable Bonds payable 130,000 Property, plant, and equipment: Net property, plant, and equipment 0 Intangible assets: Mc Graw Hill 69.F O W 7:19 PM A OF 3 Clear 11/10/2022Explori D21 AssignI M Deck Student D21 Course Qu X C The foll C The foll C The foll | Columb|DEL Grades C Chegg Home Q Compr + V X C ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.com%252Fmghmiddleware... Update YouTube Maps Translate News @ Home QuickBooks 7 RMA University eM.. Payments Hub M Gmail S Students Home Homework 3 i Saved Help Save & Exit Submit Check my work 3 Intangible assets: Machinery Accumulated depreciation 6.66 Other assets points eBook Total assets $ 245,000 Liabilities and Shareholders' Equity Hint Current liabilities: Print References Total current liabilities Long-term liabilities: Total liabilities 0 Shareholders' equity: Mc Graw Hill 69.F O W 7:20 PM 3 Clear 11/10/2022Explori D21 AssignI M Deck Student D21 Course Qu X C The foll C The foll C The foll | Columb|DEL Grades C Chegg Home Q Compr + V X C ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.com%252Fmghmiddleware... Update YouTube Maps Translate News @ Home QuickBooks 7 RMA University eM. Payments Hub M Gmail Students Home Homework 3 i Saved Help Save & Exit Submit Check my work 3 6.66 Total current liabilities 0 points Long-term liabilities: eBook Hint Total liabilities Shareholders' equity: Print References Total shareholders' equity 0 Total liabilities and shareholders' equity $ Mc Graw Hill 69.F O 7:20 PM 11/10/2022 3 Clear W