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Presented below are a number of balance sheet items for Swifty, 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) $ 127,870 Accumulated depreciation-equipment 180,461 302,870 15,320 362,870 482,870 448,570 267,870 492,870 ? 100,500 1,602,870 Inventory Rent payable (short-term) Income taxes payable Rent payable (long-term) Common stock, $1 par value Preferred stock, $10 par value Prepaid expenses Equipment Debt investments (trading) Accumulated depreciation-buildings Buildings $ 292,320 242,670 47,870 101,232 482,870 202,870 152,870 90,790 1,472,870 123,870 270,520 1,642,870 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. (List Current Assets in order of liquidity. List Property, Plant, and Equipment in order of Land, Buildings, and Equipment. Enter account name only and do not provide the descriptive information provided in the question.)

Presented below are a number of balance sheet items for Swifty, 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) $ 127,870 Accumulated depreciation-equipment 180,461 302,870 15,320 362,870 482,870 448,570 267,870 492,870 ? 100,500 1,602,870 Inventory Rent payable (short-term) Income taxes payable Rent payable (long-term) Common stock, $1 par value Preferred stock, $10 par value Prepaid expenses Equipment Debt investments (trading) Accumulated depreciation-buildings Buildings $ 292,320 242,670 47,870 101,232 482,870 202,870 152,870 90,790 1,472,870 123,870 270,520 1,642,870 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. (List Current Assets in order of liquidity. List Property, Plant, and Equipment in order of Land, Buildings, and Equipment. Enter account name only and do not provide the descriptive information provided in the question.)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Current Liabilities Notes Payable Accounts Payable Rent Payable Income Taxes Payable Payroll Taxes Payable Total Current Liabilities Long-term Liabilities Notes Payable Bonds Payable Less : Discount on Bonds Payable Rent Payable Total Long-term Liabilities. Total Liabilities Stockholders' Equity Capital Stock Common Stock Preferred Stock Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity v $ 302870 15320 i 200000 150000 $ "FOR 267870 492870 47870 101232 180461 1602870 287550 482870 350000 719317 $ $ 1090303 2373290 3463593 1069317 4532910
Transcribed Image Text:Current Liabilities Notes Payable Accounts Payable Rent Payable Income Taxes Payable Payroll Taxes Payable Total Current Liabilities Long-term Liabilities Notes Payable Bonds Payable Less : Discount on Bonds Payable Rent Payable Total Long-term Liabilities. Total Liabilities Stockholders' Equity Capital Stock Common Stock Preferred Stock Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity v $ 302870 15320 i 200000 150000 $ "FOR 267870 492870 47870 101232 180461 1602870 287550 482870 350000 719317 $ $ 1090303 2373290 3463593 1069317 4532910
Presented below are a number of balance sheet items for Swifty, 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) $ 127,870 Accumulated depreciation-equipment Inventory 180,461 302,870 15,320 362,870 482,870 448,570 267,870 492,870 ? 100,500 1,602,870 Rent payable (short-term) Income taxes payable Rent payable (long-term) Common stock, $1 par value Preferred stock, $10 par value Prepaid expenses Equipment Debt investments (trading) Accumulated depreciation-buildings Buildings $292,320 242,670 47,870 101,232 482,870 202,870 152,870 90,790 1,472,870 123,870 270,520 1,642,870 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. (List Current Assets in order of liquidity. List Property, Plant, and Equipment in order of Land, Buildings, and Equipment. Enter account name only and do not provide the descriptive information provided in the question.)
Transcribed Image Text:Presented below are a number of balance sheet items for Swifty, 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) $ 127,870 Accumulated depreciation-equipment Inventory 180,461 302,870 15,320 362,870 482,870 448,570 267,870 492,870 ? 100,500 1,602,870 Rent payable (short-term) Income taxes payable Rent payable (long-term) Common stock, $1 par value Preferred stock, $10 par value Prepaid expenses Equipment Debt investments (trading) Accumulated depreciation-buildings Buildings $292,320 242,670 47,870 101,232 482,870 202,870 152,870 90,790 1,472,870 123,870 270,520 1,642,870 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. (List Current Assets in order of liquidity. List Property, Plant, and Equipment in order of Land, Buildings, and Equipment. Enter account name only and do not provide the descriptive information provided in the question.)
Expert Solution
Step 1 Introduction

Balance Sheet :— It is one of the financial statement that shows list of final ending balances of assets, liabilities and owner's equity. 

 

Assets :— It is the resources owned by company. 

 

Liabilities :— It is the obligation of company that will be paid in future. 

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