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P4.2 (LO 1) Excel (Balance Sheet Preparation) Presented below are a number of balance sheet items for Montoya, Inc. for the current year, 2025. Goodwill Payroll taxes payable Bonds payable Discount on bonds payable Cash Land Notes receivable Notes payable (to banks) Accounts payable Retained earnings Income taxes receivable Notes payable (long-term) $125,000 177,591 300,000 Accumulated depreciation equipment Inventory Rent payable (short-term) 15,000 Income taxes payable 360,000 Rent payable (long-term) 480,000 Common stock, $1 par value 445,700 Preferred stock, $10 par value 265,000 Prepaid expenses 490,000 Equipment Debt investments (trading) ? 97,630 1,600,000 Accumulated depreciation-buildings Buildings $ 292,000 239,800 45,000 98,362 480,000 200,000 150,000 87,920 1,470,000 121,000 270,200 1,640,000 Instructions Prepare a classified balance sheet in good form. Common stock authorized was 400,000 shares, and pre- ferred stock authorized was 20,000 shares. Assume that notes receivable and notes payable are short- term unless stated otherwise Cost and fair value of debt investments (trading) are the same.

P4.2 (LO 1) Excel (Balance Sheet Preparation) Presented below are a number of balance sheet items for Montoya, Inc. for the current year, 2025. Goodwill Payroll taxes payable Bonds payable Discount on bonds payable Cash Land Notes receivable Notes payable (to banks) Accounts payable Retained earnings Income taxes receivable Notes payable (long-term) $125,000 177,591 300,000 Accumulated depreciation equipment Inventory Rent payable (short-term) 15,000 Income taxes payable 360,000 Rent payable (long-term) 480,000 Common stock, $1 par value 445,700 Preferred stock, $10 par value 265,000 Prepaid expenses 490,000 Equipment Debt investments (trading) ? 97,630 1,600,000 Accumulated depreciation-buildings Buildings $ 292,000 239,800 45,000 98,362 480,000 200,000 150,000 87,920 1,470,000 121,000 270,200 1,640,000 Instructions Prepare a classified balance sheet in good form. Common stock authorized was 400,000 shares, and pre- ferred stock authorized was 20,000 shares. Assume that notes receivable and notes payable are short- term unless stated otherwise Cost and fair value of debt investments (trading) are the same.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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P4.2 (LO 1) Excel (Balance Sheet Preparation) Presented below are a number of balance sheet items for Montoya, Inc. for the current year, 2025. Goodwill Payroll taxes payable Bonds payable Discount on bonds payable Cash Land Notes receivable Notes payable (to banks) Accounts payable Retained earnings Income taxes receivable Notes payable (long-term) $125,000 177,591 300,000 15,000 360,000 480,000 Common stock, $1 par value Preferred stock, $10 par value Prepaid expenses Equipment Debt investments (trading) 445,700 265,000 490,000 Accumulated depreciation equipment Inventory Rent payable (short-term) Income taxes payable Rent payable (long-term) 97,630 1,600,000 Accumulated depreciation-buildings Buildings $ 292,000 239,800 45,000 98,362 480,000 200,000 150,000 87,920 1,470,000 121,000 270,200 1,640,000 Instructions Prepare a classified balance sheet in good form. Common stock authorized was 400,000 shares, and pre- ferred stock authorized was 20,000 shares. Assume that notes receivable and notes payable are short- term, unless stated otherwise. Cost and fair value of debt investments (trading) are the same. of Fast
Transcribed Image Text:P4.2 (LO 1) Excel (Balance Sheet Preparation) Presented below are a number of balance sheet items for Montoya, Inc. for the current year, 2025. Goodwill Payroll taxes payable Bonds payable Discount on bonds payable Cash Land Notes receivable Notes payable (to banks) Accounts payable Retained earnings Income taxes receivable Notes payable (long-term) $125,000 177,591 300,000 15,000 360,000 480,000 Common stock, $1 par value Preferred stock, $10 par value Prepaid expenses Equipment Debt investments (trading) 445,700 265,000 490,000 Accumulated depreciation equipment Inventory Rent payable (short-term) Income taxes payable Rent payable (long-term) 97,630 1,600,000 Accumulated depreciation-buildings Buildings $ 292,000 239,800 45,000 98,362 480,000 200,000 150,000 87,920 1,470,000 121,000 270,200 1,640,000 Instructions Prepare a classified balance sheet in good form. Common stock authorized was 400,000 shares, and pre- ferred stock authorized was 20,000 shares. Assume that notes receivable and notes payable are short- term, unless stated otherwise. Cost and fair value of debt investments (trading) are the same. of Fast
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