Exercise 5-6 The bookkeeper for Geronimo Company has prepared the following bala

Question

Exercise 5-6

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 $ 70,970 Notes and accounts payable $ 48,900 Accounts receivable (net) 45,400 Long-term liabilities 76,970 Inventory 61,970 Stockholders’ equity 157,470 Equipment (net) 84,000 $283,340 Patents 21,000 $283,340

Explanation / Answer

Exercise 5-6 The bookkeeper for Geronimo Company has prepared the following bala

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