Question: why my answer is not complete The following balance sheet for the Los Gatos Corporation was prepared by a recently hired accountant. In reviewing the

why my answer is not complete  why my answer is not complete The following balance sheet for
the Los Gatos Corporation was prepared by a recently hired accountant. In
reviewing the statement you notice several errors. LOS GATOS CORPORATION Balance Sheet
At December 31, 2021 Assets Cash Accounts receivable Inventory Machinery (net) Franchise

The following balance sheet for the Los Gatos Corporation was prepared by a recently hired accountant. In reviewing the statement you notice several errors. LOS GATOS CORPORATION Balance Sheet At December 31, 2021 Assets Cash Accounts receivable Inventory Machinery (net) Franchise (net) Total assets Liabilities and Shareholders' Equity Accounts payable Allowance for uncollectible accounts Notos payable Bonds payable Shareholders' equity Total liabilities and shareholders' equity 78.000 137.000 74.000 139,000 49.000 $ 477.000 $ 88,000 24.000 93.000 129.000 143.000 $ 477.000 Additional Information: 1. Cash includes a $39,000 restricted amount to be used for repayment of the bonds payable in 2025 2. The cost of the machinery is $228,000. 3. Accounts receivable includes a $39,000 notes receivable from a customer due in 2024 4. The notes pavable balance includes accrued interest of $24.000. Princioal and interest are both due on February 1, 2022 4. The notes payable balance includes accrued interest of $24,000. Principal and interest are both due on February 1, 2022 5. The company began operations in 2016. Net income less dividends since inception of the company totals $54.000. 6. 69,000 shares of no par common stock were issued in 2016. 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 (Amounts to be deducted should be indicated by a minus sign.) LOS GATOS CORPORATION Balance Sheet At December 31, 2021 Assets 5 Current assets Cash Accounts receivable 39,000 98.000 96.000 74 000 211.000 Net accounts receivable Inventory Total current assets Investments Restricted cash Notes receivable $ 39.000 39.000 Saved He! 14,000 211,000 Inventory Total current assets Investments Restricted cash Notes receivable $ 39,000 39,000 78,000 Total investments Property, plant, and equipment Machinery Accumulated depreciation Net property, plant, and equipment Intangible assets Franchise (net) 228,000 (89,000) 139,000 49,000 Total assets $ 477.000 Liabilities and Shareholders' Equity $ Current liabilities Accounts payable Interest payable Notes payable 88,000 24 000 69,000 Total current liabilities 181,000 - HW Saved 139,UVU 2. Net property, plant, and equipment Intangible assets Franchise (net) 49,000 Total assets $ 477,000 Liabilities and Shareholders' Equity Book $ Current liabilities: Accounts payable Interest payable Notes payable Hint 88,000 24,000 69,000 181,000 Total current liabilities Long-term liabilities Bonds payable 129.000 310.000 Total liabilities Shareholders' equity Common stock Retained earnings 89.000 54.000 Total shareholders' equity Total liabilities and shareholders' equity 143 000 453,000 $ Me Graw o 69

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