Presented below are a number of balance sheet items for Montoya, Inc. for the current year, 2020. Goodwill $ 125,000 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 taxes 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 1,470,000 Retained earnings ? Debt investments (trading) 121,000 Income taxes receivable 97,630 Accumulated depreciation—buildings 270,200 Notes payable (long-term) 1,600,000 Buildings 1,640,000 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 debt investments (trading) are the same.
Presented below are a number of balance sheet items for Montoya, Inc. for the current year, 2020. Goodwill $ 125,000 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 taxes 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 1,470,000 Retained earnings ? Debt investments (trading) 121,000 Income taxes receivable 97,630 Accumulated depreciation—buildings 270,200 Notes payable (long-term) 1,600,000 Buildings 1,640,000 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 debt investments (trading) are the same.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
(Balance Sheet Preparation) Presented below are a number of balance sheet items for Montoya, Inc. for the current year, 2020.
|
$ 125,000
|
|
$ 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 taxes 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
|
|
150,000
|
Notes payable (to banks)
|
265,000
|
Prepaid expenses
|
87,920
|
Accounts payable
|
490,000
|
Equipment
|
1,470,000
|
|
?
|
Debt investments (trading)
|
121,000
|
Income taxes receivable
|
97,630
|
Accumulated depreciation—buildings
|
270,200
|
Notes payable (long-term)
|
1,600,000
|
Buildings
|
1,640,000
|
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 debt investments (trading) are the same.
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