Required: 1) Prepare a formal, classified Balance Sheet based on the info herein 2) Note: the balance in Retained Earnings will be = $713, 897
Required: 1) Prepare a formal, classified Balance Sheet based on the info herein 2) Note: the balance in Retained Earnings will be = $713, 897
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![Required:
1) Prepare a formal, classified Balance Sheet based on the info herein
2) Note: the balance in Retained Earnings will be $713, 897
... .... .
P5-2 (LO3) EXCEL (Balance Sheet Preparation) Presented below are a number of balance sheet items for Montoya, Inc., for
the current year, 2017.
$ 125,000
177,591
300,000
15,000
360,000
480,000
445,700
265,000
490,000
"?
Accumulated depreciation-equipment
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
$ 292,000
239,800
45,000
98,362
480,000
200,000
150,000
87,920
1,470,000
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)
121,000
270,200
1,640,000
97,630
1,600,000
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 equity investments (trading) are the same.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd5220398-a02a-4f8e-ab05-55b2d65ddb3b%2F887d96e4-fcbc-4323-89eb-0592f93aacc7%2F4q29dl_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required:
1) Prepare a formal, classified Balance Sheet based on the info herein
2) Note: the balance in Retained Earnings will be $713, 897
... .... .
P5-2 (LO3) EXCEL (Balance Sheet Preparation) Presented below are a number of balance sheet items for Montoya, Inc., for
the current year, 2017.
$ 125,000
177,591
300,000
15,000
360,000
480,000
445,700
265,000
490,000
"?
Accumulated depreciation-equipment
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
$ 292,000
239,800
45,000
98,362
480,000
200,000
150,000
87,920
1,470,000
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)
121,000
270,200
1,640,000
97,630
1,600,000
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 equity investments (trading) are the same.
Expert Solution
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Step 1
Classified balance sheet is one of the financial statement that is prepared for the analysis of financial position by showing all assets, liabilities and equity of the business as on particular date.
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