The bookkeeper for Geronimo Company has prepared the following balance sheet as

Question

The bookkeeper for Geronimo Company has prepared the following balance sheet as of July 31, 2014.

GERONIMO COMPANY
BALANCE SHEET
AS OF JULY 31, 2014

The following additional information is provided.

Prepare a corrected classified balance sheet as of July 31, 2014, from the available information, adjusting the account balances using the additional information. (List Current Assets in order of liquidity)

GERONIMO COMPANY
BALANCE SHEET
AS OF JULY 31, 2014

Cash $ 71,780 Notes and accounts payable $ 46,370 Accounts receivable (net) 42,870 Long-term liabilities 77,780 Inventory 62,780 Stockholders’ equity 158,280 Equipment (net) 84,000 $282,430 Patents 21,000 $282,430

Explanation / Answer

291,740.00

*

GERONIMO COMPANY BALANCE SHEET AS OF JULY 31, 2014 Cash 65860.00 Income Tax payable       9,310.00 Accounts receivable 40620.00 Notes and accounts payable     46,370.00 Allowance for Doubtful Debts (3500.00) Long-term liabilities     77,780.00 Inventory 68530.00 Stockholders’ equity 158,280.00 Investment in sinking fund 15230.00 Equipment 114370.00 Accumulated depreciation (30370.00) Patents 21000.00 291740.00

291,740.00

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