Need help on the three blanks please. The bookkeeper for Geronimo Company has pr

Question

Need help on the three blanks please.

The bookkeeper for Geronimo Company has prepared the following balance sheet as of July 31, 2017 GERONIMO COMPANY BALANCE SHEET AS OF JULY 31, 2017 $69,000 Notes and accounts payable Cash Accounts receivable (net) Inventory Equipment (net) Patents 40,500 Long-term liabilities 60,000 Stockholders' equity 84,000 21,000 44,000 75,000 155,500 $274,500 $274,500 The following additional information is provided 1. Cash includes $1,200 in a petty cash fund and $15,000 in a bond sinking fund 2. The net accounts receivable balance is comprised of the following two items: (a) accounts receivable $44,000 and (b) allowance for doubtful accounts $3,500 3. Inventory costing $5,300 was shipped out on consignment on July 31, 2017. The ending inventory balance does not include the consigned goods. Receivables in the amount of $5,300 were recognized on these consigned goods. 4. Equipment had a cost of $112,000 and an accumulated depreciation balance of $28,000 5. Income taxes payable of $6,000 were accrued on July 31. Geronimo Company, however, had set up a cash fund to meet this obligation. This cash fund was not included in the cash balance, but was offset against the income taxes payable amount. Prenare a corrected classified balance sheet as of luly 31, 2017, from the available information, adiusting the account halances using the additional information, (List

Explanation / Answer

Balance Sheet July 31,2017 Assets Current Assets: Cash 60000 Accounts Receivable 38700 Less: allowance for doubtful accounts -3500 35200 Inventories 65300 Total current assets 160500 Long-Term Investments Bond Sinking Fund 15000 Property Plant and Equipment Equipment 112000 Less: Accumulation Depreciation(equipment) -28000 84000 Intangible Assets Patents 21000 Total Assets 280500 Liabilities and stockholders' equity Current liabilities Notes and accounts payable 44000 Taxes payable 6000 Total current liabilites 50000 Long term liabilites 75000 Total liabilites 125000 Stockholders' equity 155500 Total liabilites and stockholders' equity 280500

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