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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

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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.
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.
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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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