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    Classfied balance sheet

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    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
    Thank You!

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    Solution Summary

    The solution explains how to prepare a classified balance sheet