P5-2 (LO3) EXCEL (Balance Sheet Preparation) Presented below are a number of balance sheet items for Montoya, Inc., for the current year, 2017. elanA awol rles to tnamsisi2 lo noldssgar T5Yo lo bns bns gm $ 125,000 177,591 300,000 15,000 Accumulated depreciation-equipment Inventory Rent payable (short-term) $ 292,000 239,800 45,000 Goodwill Payroll taxes payable Bonds payable Discount on bonds payable enne Income taxes payable 98,362 480,000 200,000 a 150,000 Rent payable (long-term) Common stock, $1 par value Preferred stock, $10 par value Prepaid expenses Equipment Debt investments (trading) 360,000 480,000 Cash Land Notes receivable 445,700 265,000 490,000 E Notes payable (to banks) Accounts payable Retained earnings 87,920 1,470,000 121,000 270,200 1,640,000 000 97,630 08A Accumulated depreciation-buildings 1,600,000 Income taxes receivable Notes payable (long-term) Buildings Instructions Prepare a classified balance sheet in good form. Common stock authorized was 400,000 shares, and preferred stock authorized was 20,000 shares. Assume that notes receivable and notes payable are short-term, unless stated otherwise. Cost and fair value of equity investments (trading) are the same.

P5-2 (LO3) EXCEL (Balance Sheet Preparation) Presented below are a number of balance sheet items for Montoya, Inc., for the current year, 2017. elanA awol rles to tnamsisi2 lo noldssgar T5Yo lo bns bns gm $ 125,000 177,591 300,000 15,000 Accumulated depreciation-equipment Inventory Rent payable (short-term) $ 292,000 239,800 45,000 Goodwill Payroll taxes payable Bonds payable Discount on bonds payable enne Income taxes payable 98,362 480,000 200,000 a 150,000 Rent payable (long-term) Common stock, $1 par value Preferred stock, $10 par value Prepaid expenses Equipment Debt investments (trading) 360,000 480,000 Cash Land Notes receivable 445,700 265,000 490,000 E Notes payable (to banks) Accounts payable Retained earnings 87,920 1,470,000 121,000 270,200 1,640,000 000 97,630 08A Accumulated depreciation-buildings 1,600,000 Income taxes receivable Notes payable (long-term) Buildings Instructions Prepare a classified balance sheet in good form. Common stock authorized was 400,000 shares, and preferred stock authorized was 20,000 shares. Assume that notes receivable and notes payable are short-term, unless stated otherwise. Cost and fair value of equity investments (trading) are the same.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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E18-4 Vertical analysis of a balance sheet [10-15 min] Beta Graphics Pty Ltd has the following data: BETA GRAPHICS PTY LTD Comparative balance sheet as at 31 December 2016 and 2015 2016 2015 Assets Total current assets $ 42 750 $ 59 000 Property, plant and equipment, net 208 335 215 000 Other assets 33 915 35 500 Total assets $285 000 $309 500 Liabilities $ 50 100 102 300 $152 400 Total current liabilities $ 49 020 Long-term debt Total liabilities 109 155 $158 175 Shareholders' equity Total shareholders' equity Total liabilities and shareholders' equity 126 825 157 100 $285 000 $309 500 Requirement Perform a vertical analysis of Beta's balance sheet for each year.