Presented below are a number of balance sheet items for Montoya, Inc., for 2019. Unsecured notes payable (long term) 16,00,000 Accumulated depreciation-Equipment $ 292,000 Payroll taxes payable 177,591 Inventory 239,800 Bonds payable 300,000 Rent payable (short-term) 45,000 Discount on bonds payable 15,000 Income tax payable 98,362 Cash 360,000 Rent payable (long-term) 480,000 Land 480,000 Common stock$1 par value 200,000 Notes receivable 445,700 Preferred stock $10 par value 150,000 Notes payable (to banks) 265,000 Prepaid expenses 87,920 Accounts payable 490,000 Equipment 14,70,000 Retained earnings 713,897 Equity Investment (trading-cost) 111,000 Income tax receivable 97,630 Accumulated depreciation-Building 270,200 Goodwill 125,000 Building 16,40,000 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. Fair value of equity investments (trading) is $121,000. Requirements: [8] Prepare a statement of financial position on December 31, 2019 so that all the information is fully disclosed.
Presented below are a number of balance sheet items for Montoya, Inc., for 2019.
Unsecured notes payable (long term) 16,00,000
Payroll taxes payable 177,591 Inventory 239,800
Bonds payable 300,000 Rent payable (short-term) 45,000
Discount on bonds payable 15,000 Income tax payable 98,362
Cash 360,000 Rent payable (long-term) 480,000
Land 480,000 Common stock$1 par value 200,000
Notes receivable 445,700
Notes payable (to banks) 265,000 Prepaid expenses 87,920
Accounts payable 490,000 Equipment 14,70,000
Income tax receivable 97,630 Accumulated depreciation-Building 270,200
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. Fair value of equity investments (trading) is $121,000.
Requirements: [8]
Prepare a
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