Question

The bookkeeper for Riverbed Company has prepared the following balance sheet as of July 31, 2017....

The bookkeeper for Riverbed Company has prepared the following balance sheet as of July 31, 2017.

RIVERBED COMPANY
BALANCE SHEET
AS OF JULY 31, 2017
Cash $ 72,350 Notes and accounts payable $ 47,350
Accounts receivable (net) 43,850 Long-term liabilities 78,350
Inventory 63,350 Stockholders’ equity 158,850
Equipment (net) 84,000 $284,550
Patents 21,000
$284,550


The following additional information is provided.

1. Cash includes $1,200 in a petty cash fund and $12,050 in a bond sinking fund.
2. The net accounts receivable balance is comprised of the following two items: (a) accounts receivable $47,350 and (b) allowance for doubtful accounts $3,500.
3. Inventory costing $5,110 was shipped out on consignment on July 31, 2017. The ending inventory balance does not include the consigned goods. Receivables in the amount of $5,110 were recognized on these consigned goods.
4. Equipment had a cost of $115,350 and an accumulated depreciation balance of $31,350.
5. Income taxes payable of $6,000 were accrued on July 31. Riverbed Company, however, had set up a cash fund to meet this obligation. This cash fund was not included in the cash balance, but was offset against the income taxes payable amount.


Prepare a corrected classified balance sheet as of July 31, 2017, from the available information, adjusting the account balances using the additional information.

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Answer #1
Balance Sheet
As of July 31 2017
Assets
Current Assets
Cash (72350-12050+6000) 66300
Accounts Receivable (47350-5110) 42240
Less: allowance for Doubtful Debts 3500 38740
Inventory (63350+5110) 68460
Total Current Assets 173500
Long term Investments
Bond Sinking Fund 12050
Property Plant & equipment
Equipment 115350
Less: Accumulated Depreciation 31350 84000
Intangible Assets
Patents 21000
Total Assets 290550
Liabilities & Stockholder Equity
Current Liabilities
Notes & Accounts payable 47350
Income Tax payable 6000
Total current Liabilities 53350
Long term Liabilities 78350
Total Liabilities 131700
Stockholder Equity 158850
Total Liabilities & Stockholder Equity 290550
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