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The following balance sheet was prepared by the bookkeeper for Kraus Company as of December 31, 2010.
The following balance sheet was prepared by the bookkeeper for Kraus Company as of December 31, 2010.Cash 80,000A/R (Net) 52,200Inventories 57,000Investments 76,300Equipment (Net) 96,000Patents 32,000Total 393,500A/P 75,000Long-Term Liabilities 100,000Stockholder's Equity 218,500Total 393,500The 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 a/r balance includes:(a)a/r debit: 60,000(b)a/r credit: 4,000(c)allowance for doubtful accts: 3,8003) 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 $19,000 and available for sale $48,300 and franchises $9,000.5) 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 (Stockholder's equity details can be omitted.)
Kraus CompanyBalance SheetAs of December 31, 2010AssetsCurrent assetsCashTrading securitiesAccounts receivableLess: Allowance for doubtful accountsInventoriesEquipment held for saleTotal...