None Thomas Taylor is the bookkeeper for Sandhill Company. Thomas has been trying to get the balance sheet of Sandhill Company tobalance. It finally balanced, but now he's not sure it is correct.Sandhill CompanyBalance SheetDecember 31, 2025Liabilities and Stockholders' EquityAssetsCash$16,300Accounts payable$15,800Supplies10,200Accounts receivable(12,400)EquipmentDividends42,000Common stock46,0007,200Retained earnings26,300Total assets$75,700Total liabilities and stockholders' equity$75,700Prepare a correct balance sheet. (List assets in order of liquidity.)

Preparation of the correct balance sheet is as follows:Resultant values:

Answered: Thomas Taylor is the bookkeeper for…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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 CORPORATIONBalance SheetAt December 31, 2018AssetsCash $ 66,000Accounts receivable 119,000Inventories 68,000Machinery (net) 133,000Franchise (net) 43,000Total assets $ 429,000Liabilities and Shareholders’ EquityAccounts payable $ 76,000Allowance for uncollectible accounts 18,000Note payable 81,000Bonds payable 123,000Shareholders’ equity 131,000Total liabilities and shareholders’ equity $ 429,000Additional information:Cash includes a $33,000 restricted amount to be used for repayment of the bonds payable in 2022.The cost of the machinery is $216,000.Accounts receivable includes a $33,000 note receivable from a customer due in 2021.The note payable includes accrued interest of $18,000. Principal and interest are both due on February 1, 2019.The company began operations in 2013. Income less dividends since…
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