P5-2 Presented below are a number of balance sheet items for Montoya, Inc., for the current year, 2014.
|
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 |
Rental Expense 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 was400,000shares, 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 marketable securities are the same.
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