Presented below are a number of balance sheet items for radiant, Inc. for the current year, 2020. Goodwill   $ 126,520   Accumulated Depreciation-Equipment   $ 292,470 Payroll Taxes Payable   179,111   Inventory   241,320 Bonds payable   301,520   Rent payable (short-term)   46,520 Discount on bonds payable   15,470   Income taxes payable   99,882 Cash   361,520   Rent payable (long-term)   481,520 Land   481,520   Common stock, $1 par value   201,520 Notes receivable   447,220   Preferred stock, $10 par value   151,520 Notes payable (to banks)   266,520   Prepaid expenses   89,440 Accounts payable   491,520   Equipment   1,471,520 Retained earnings   ?   Debt investments (trading)   122,520 Income taxes receivable   99,150   Accumulated Depreciation-Buildings   270,670 Notes payable (long-term)   1,601,520   Buildings   1,641,520 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.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Presented below are a number of balance sheet items for radiant, Inc. for the current year, 2020.

Goodwill
  $ 126,520  
Accumulated Depreciation-Equipment
  $ 292,470
Payroll Taxes Payable
  179,111  
Inventory
  241,320
Bonds payable
  301,520  
Rent payable (short-term)
  46,520
Discount on bonds payable
  15,470  
Income taxes payable
  99,882
Cash
  361,520  
Rent payable (long-term)
  481,520
Land
  481,520  
Common stock, $1 par value
  201,520
Notes receivable
  447,220  
Preferred stock, $10 par value
  151,520
Notes payable (to banks)
  266,520  
Prepaid expenses
  89,440
Accounts payable
  491,520  
Equipment
  1,471,520
Retained earnings
  ?  
Debt investments (trading)
  122,520
Income taxes receivable
  99,150  
Accumulated Depreciation-Buildings
  270,670
Notes payable (long-term)
  1,601,520  
Buildings
  1,641,520


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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