Balance sheet presentation.The following balance sheet was prepared by the bookkeeper for Kraus Company as of December 31, 2014. The 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 accounts receivable balance includes:
(a) accounts receivable-debit balances $60,000;(b) accounts receivable-credit balances $4,000;(c) allowance for doubtful accounts $3,800."3. Inventory does 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.
InstructionsPrepare a balance sheet in good form (stockholders' equity details can be omitted.)"

Question

Balance sheet presentation.The following balance sheet was prepared by the bookkeeper for Kraus Company as of December 31, 2014.  The 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 accounts receivable balance includes:
(a) accounts receivable-debit balances $60,000;(b) accounts receivable-credit balances $4,000;(c) allowance for doubtful accounts $3,800."3. Inventory does 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.
InstructionsPrepare a balance sheet in good form (stockholders' equity details can be omitted.)"

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The Answer of Balance sheet presentation.The following balance sheet was prepared by the bookkeeper for Kraus Company as of December 31, 2014.  The 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 accounts receivable balance includes:
(a) accounts receivable-debit balances $60,000;(b) accounts receivable-credit balances $4,000;(c) allowance for doubtful accounts $3,800."3. Inventory does 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.
InstructionsPrepare a balance sheet in good form (stockholders' equity details can be omitted.)"

Balance Sheet Presentation