Savod Problem 3-8 (Algo) Balance sheet; errors; missing amounts (L03-2, 3-3] The following incomplete balance sheet for the Sanderson Manufacturing Company was prepared by the company's controller. As accounting manager for Sanderson, you are attempting to reconstruct and revise the balance sheet SANDERSON MANUFACTURING COMPANY Balance Sheet At December 31, 2021 (5 in 2005) Assets Current assets: Cash $ 1,450 Accounts receivable 3,900 Allowance for uncollectible accounts (600) Finished goods inventory 6,200 Prepaid expenses 1.489 Total current assets 12,350 Long-term assets: Investments 3.202 materials and work in process inventory 2,450 Equipment 17.00 Accumulated depreciation (4,460) Patent (net) 2 3 Total assets 5 > Liabilities and Shareholders Equity Current abilities: accounts payable $ 3.400 Wote payable 4,400 Interest payable con notes) 300 Deferred revenue 3.400 s 3,480 13,500 Deferred revenue Total current liabilities Long-term liabilities: Bonds payable Interest payable (on bonds) Shareholders equity: Common stock Retained earnings Total liabilities and shareholders equity 5,780 400 Additional information (S in 000s): 1. Certain records that included the account balances for the patent and shareholders' equity items were lost. However, the controller told you that a complete, preliminary balance sheet prepared before the records were lost showed a debt to equity ratio of 1:4. That is, total liabilities are 140% of total shareholders' equity Retained earnings at the beginning of the year was $4,400 Net Income for 2021 was $1,700 and $900 in cash dividends were declared and paid to shareholders. 2 Management intends to sell the investments in the next six months 3. Interest on both the notes and the bonds is payable annually 4. The notes payable are due in annual installments of $1,100 each 5 Deferred revenue will be recognized as revenue equally over the next two fiscal years. 6. The common stock represents 400,000 shares of na par stock authorized. 270.000 shares issued and outstanding. Required: Prepare a complete corrected, classified balance sheet (Amounts to be deducted should be indicated by a minus elgn.) SANDERSON MANUFACTURING COMPANY Balance Sheet Al December 31, 2021 ($ in 0005, except share data) Assets Current assets 0 Net accounts receivable Inventory 0 0 Total current assets Property, plant, and equipment 0 Net property, plant and equipment Intangible assets Saved Intangible assets Total assets $ 0 Liabilities and Shareholders' Equity Current liabilities 0 Total current isbites Long-term liabilities 0 Total long-term babies Total abilities Shareholders equity 0 Total sharniers et Totables and shared at 0 Total current liabilities Long-term liabilities: 0 Total long-term liabilities Total liabilities Shareholders' equity 0 Total shareholders equity Total abilities and shareholders equity 0 S 0