Question: I need help with this question As controller for Henderson, you are attempting to reconstruct and revise the following balance sheet prepared by a staff


As controller for Henderson, you are attempting to reconstruct and revise the following balance sheet prepared by a staff ac 1. 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 to equity ratio of 1.5. That is, total liabilities are 150% of total shareholders' equity. Retained eamings at the beginning of the yearwas $3,600. Net income for 2024 was $2.700, and $700 in cash dividends were declared and paid to shareholders. 2. The investments represent treasury bills purchased in December 2024 that mature in January 2025 . These are considered cash equivalents. 3. Interest on both the notes and the bonds is payable annually, 4. The notes payable account contains one note that is due in annual installments of $1,200 for each payment die: 5. Deferred revenue will be recognized equally over the next 18 manths. 6. The common stock represents 500.000 shares of no par stock duthocized, of which 300.000 shares ate issued and outstanding Required: Prepare a complete, corrected, classified balance sheet. Note: Do not round your intermediate calculations. Enter your answers in the order of their liquidity. Amounts to be deducted should be indicated by a minus sign. Enter your answers in thousonds of doliars, Fint A6sels TEbrientratseld
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
