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 $ 73,830 Notes and accounts payable $ 45,190 Accounts receivable (net) 41,690 Long-term liabilities 79,830 Inventory 64,830 Stockholders’ equity 160,330 Equipment (net) 84,000 $285,350 Patents 21,000 $285,350

Explanation / Answer

Balance Sheet as at … Liabilities Assets Current liabilities Current Assets Notes payable 45190 Cash 58810 Income tax payable 9140 Accounts receivable 45190 Less: allowance for uncollectible debts -3500 35920 Inventories 70600 Total 54330 Total 165330 Long-term liabilities Long-term investments liabilities 79830 Sinking Fund bond 15020 Cash Fund 9140 Total liabilities 134160 Property, plant, and equipment Equipment 113190 Stockholders' equity Less:accumulated depreciation -29190 84000 Equity 160330 Total stockholders' equity 160330 Intangible assets Patents 21000 Total 294490 Total 294490

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