Required:1) Prepare a formal, classified Balance Sheet based on the info herein2) Note: the balance in Retained Earnings will be $713, 897... .... .P5-2 (LO3) EXCEL (Balance Sheet Preparation) Presented below are a number of balance sheet items for Montoya, Inc., forthe current year, 2017.$ 125,000177,591300,00015,000360,000480,000445,700265,000490,000"?Accumulated depreciation-equipmentInventoryRent payable (short-term)Income taxes payableRent payable (long-term)Common stock, $1 par valuePreferred stock, $10 par valuePrepaid expensesEquipmentDebt investments (trading)Accumulated depreciation-buildingsBuildings$ 292,000239,80045,00098,362480,000200,000150,00087,9201,470,000GoodwillPayroll taxes payableBonds payableDiscount on bonds payableCashLandNotes receivableNotes payable (to banks)Accounts payableRetained earningsIncome taxes receivableNotes payable (long-term)121,000270,2001,640,00097,6301,600,000InstructionsPrepare a classified balance sheet in good form. Common stock authorized was 400,000 shares, and preferred stock authorizedwas 20,000 shares. Assume that notes receivable and notes payable are short-term, unless stated otherwise. Cost and fair valueof equity investments (trading) are the same.

Answered: Required: 1) Prepare a formal,…

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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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