Balance Sheet Presentation

Essay

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.)"