The bookkeeper for Geronimo Company has prepared the following balance sheet as
ID: 2421721 • Letter: T
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
Explanation / Answer
GERONIMO COMPANY
BALANCE SHEET
AS OF JULY 31, 2014
LIABILITIES AND EQUITY FUND
AMOUNT ($)
ASSETS
AMOUNT ($)
CURRENT LIABILITIES
FIXED ASSETS
NOTES AND ACCOUNTS PAYABLE
$ 48,240
EQUIPMENT
$116,240
INCOME TAXES PAYABLE
$9,280
LESS- ACCUMULATED DEPRECIATION
$32,240
$84,000
PATENTS
$ 21,000
LONG-TERM LIABILITIES
$78,170
CURRENT ASSETS
CASH
$55,870
STOCKHOLDERS’ EQUITY
$158,670
PETTY CASH
$1200
BOND SINKING FUND
$15100
CASH FUND FOR INCOME TAX
$9280
ACCOUNT RECEIVABLE
$42,540
LESS- ALLOWANCE FOR DOUBTFUL ACCOUNTS
$3,500
$39,040
INVENTORY
68870
$294,360
$294,360
GERONIMO COMPANY
BALANCE SHEET
AS OF JULY 31, 2014
LIABILITIES AND EQUITY FUND
AMOUNT ($)
ASSETS
AMOUNT ($)
CURRENT LIABILITIES
FIXED ASSETS
NOTES AND ACCOUNTS PAYABLE
$ 48,240
EQUIPMENT
$116,240
INCOME TAXES PAYABLE
$9,280
LESS- ACCUMULATED DEPRECIATION
$32,240
$84,000
PATENTS
$ 21,000
LONG-TERM LIABILITIES
$78,170
CURRENT ASSETS
CASH
$55,870
STOCKHOLDERS’ EQUITY
$158,670
PETTY CASH
$1200
BOND SINKING FUND
$15100
CASH FUND FOR INCOME TAX
$9280
ACCOUNT RECEIVABLE
$42,540
LESS- ALLOWANCE FOR DOUBTFUL ACCOUNTS
$3,500
$39,040
INVENTORY
68870
$294,360
$294,360
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