Company Balance Sheet as of December 31, 201X is as follows. Cash
Accounts receivable (net)
The following additional information is provided.
(1) Cash includes the cash surrender value of a life insurance policy $9,400 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 credit balances $4,000; 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 $24,000, available-for-sale $48,300, and franchises $4,000.
(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.
Prepare a balance sheet in good form (stockholders’ equity details can be omitted). (Points : 40)
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