(Balance Sheet Preparation) Presented below are a number of balance sheet items for Montoya, Inc., for the current year, 2012.
|
Goodwill |
$ 125,000 |
Accumulated depreciation—equipment |
$ 292,000 |
|
Payroll taxes payable |
177,591 |
Inventory |
239,800 |
|
Bonds payable |
300,000 |
Rent payable (short term) |
45,000 |
|
Discount on bonds payable |
15,000 |
Income tax payable |
98,362 |
|
Cash |
360,000 |
Rent payable (long term) |
480,000 |
|
Land |
480,000 |
Common stock, $1 par value |
200,000 |
|
Notes receivable |
445,700 |
Preferred stock, $10 par value |
150,000 |
|
Notes payable (to banks) |
265,000 |
Prepaid expenses |
87,920 |
|
Accounts payable |
490,000 |
Equipment |
1,470,000 |
|
Retained earnings |
? |
Equity investments (trading) |
121,000 |
|
Income taxes receivable |
97,630 |
Accumulated depreciation—buildings |
270,200 |
|
Unsecured notes payable (long term) |
1,600,000 |
Buildings |
1,640,000 |
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.