Problem:
Renfro Co
Balance Sheet
As of December 31, 2001
Cash- 90,000
Accounts Receivable (Net)- 52,200
Investments- 76,300
Inventories- 57,000
Equipment (Net)- 86,000
Patents- 32,000
Accounts Payable- 75,000
Long-Term Liabilities-110,000
Stockholders' Equity- 208,500
The following additional information is provided:
1. Cash includes the cash surrender value of a life insurance policy 9,400 and a bank overdraft 1,500 has been deducted
2. The net accounts receivable balance includes:
a. accounts receviable--debit balances 60,000
b. accounts receivable--credit balances 3,000
c. allowance for doubtful accounts 4,800
3. Inventories do not include goods costing 5,000 shipped on consignment. Receivables of 5,000 were recorded on these goods
4. Investments include investments in common stock, trading 24,000 and available for sale 43,300 and franchise 9,000
5. Equipment costing 8,000 with accumulated depreciation 6,000 is no longer used and is held for sale. Accumulated depreciation on the other equipment is 40,000
Prepare a balance sheet in good form (stockholders' equity details can be omitted)
Please complete a new balance sheet reflecting the above 5 statements in Excel please.
Overall, assets and liabilities should equal 398,000