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Question Not complete Marked out of 2.00 P Flag question Correcting the Presentation of a Classified Balance Sheet The following draft of a balance sheet was prepared for Roslyn Corp., but includes a number of errors in classifi Roslyn Corp. Balance Sheet December 31, 2020 Cash $360,000 Building 1,695,000 Equipment 330,000 Accounts receivable 723,000 Investments, short-term 420,000 Inventory 975,000 Prepaid rent 15,000 Investments, long term 420,000 Franchise 120,000 Total assets $5,058,000 Liabilities Accounts payable $600,000 Note payable 531,000 Dividends payable 30,000 Deferred revenue 9,000 Accumulated depreciation 240,000 Bonds payable 600,000 Total 2,010,000 Stockholders equity Common stock 1.425,000 Retained earnings 1.665,000 v @ Accounts payable Note payable Dividends payable Deferred revenue Accumulated depreciation Bonds payable Total Stockholders equity Common stock Retained earnings Accumulated other comprehensive income Total stockholders' equity Total liabilities and stockholders' equity $600,000 531,000 30,000 9,000 240,000 600,000 2,010,000 1,425,000 1,665,000 (42,000) 3,048,000 $5,058,000 Additional information Note payable includes interest due of $6,000. The note is due in two years and interest is due in 6 months. Net accounts receivable of $723,000 consists of accounts receivable of $771,000 minus an allowance for doubtful accounts of $48,000. Common stock includes $525,000 attributed to additional paid.in capital o Included in the cash balance is $60,000 of cash restricted for 9 months due to a debt covenant Required Prepare a corrected classified balance sheet for Roslyn Corp. on December 31, 2020, Do not use negative signs with any of your answers. List current liabilities and long-term liabilities in the order of the largest dollar amount to the smallest dollar amount. Balance Sheet As of December 31, 2020 Assets Current assets tv Balance Sheet As of December 31, 2020 Assets Current assets Cash $ . Accounts receivable $ Accounts receivable, net Short-term investments Inventory Prepaid rent + Investments Property, plant, and equipment . + Equipment 1) 4 Intangible assets

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