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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Please help me

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
Expert Solution

This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images

Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON

Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education

Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education