Prepare a balance sheet in good form

Reference no: EM132119432

Question - 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 $58,000;

(b) accounts receivable $2,000; and

(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.

Instructions: Prepare a balance sheet in good form?

Reference no: EM132119432

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