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LOS GATOS CORPORATION Balance-Sheet At December 31,2024 Assets he following balance sheet for the Los...

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LOS GATOS CORPORATION Balance-Sheet At December 31,2024 Assets he following balance sheet for the Los Gatos Corporation was prepared by a recently hired accountant. In reviewing the statement ou notice several errors. Additional Information: 1. Cash includes a $35,000 restricted amount to be used for repoyment of the bonds payable in 2028 . 2. The cost of the machinery is $220,000. 3. Accounts recelvable includes a $35,000 notes recelvable from a customer due in 2027. 4. The notes payable balance includes accrued interest of $20,000. Principal and interest are both due on February 1, 2025 5. The compary began operations in 2019 . Net income less dividends since inception of the company totals $50,000. 6. 65,000 shares of no par common stock were issued in 20t9. 100,000 shares ofe authorized. Required: Prepare a corrected, classified balance sheet. Use the additional information to help determine appropriate classifications and account balances. The cost of machinery and its accumulated depreciation are shown separately. Note: Amounts to be deducted should be indicated by a minus sign

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