The following balance sheet was prepared by the bookkeeper for Stripes Company as of December 31, 201X Stripes Company Balance Sheet as of December 31, 201X is as follows.
|
Cash
|
$ 80,000
|
Accounts payable
|
$ 75,000
|
|
Accounts receivable (net)
|
52,200
|
Long-term liabilities
|
100,000
|
|
Inventories
|
57,000
|
Stockholders' equity
|
218,500
|
|
Investments
|
76,300
|
|
|
|
Equipment (net)
|
96,000
|
|
|
|
Patents
|
|
|
|
|
|
$393,500
|
|
$393,500
|
The following additional information is provided:
(1) Cash includes the cash surrender value of a life insurance policy $12,000 and a bank overdraft of $2,500 has been deducted.
(2) The net accounts receivable balance includes:
(a) accounts receivable debit balances $60,000;
(b) accounts receivable 0; and
(c) allowance for doubtful accounts $3,800.
(3) Inventories do not include goods costing $3,000 shipped out on consignment. Receivables of $3,000 were recorded on these goods.
(4) Investments include investments in common stock, trading $13,000, available-for-sale $48,300, and franchises $15,000.
(5) Equipment costing $5,000 with accumulated depreciation $4,000 is no longer used and is held for sale. Accumulated depreciation on the other equipment is $40,000.
(6) An unrecorded liability was not recorded on the balance sheet of $2,000. Instructions .
Instructions:
Prepare a balance sheet in good form (stockholders' equity details can be omitted).