Presented below are a number of statement of financial position items for Montoya SA, for the current year, 2019.
Goodwill............................................................€ 125,000
Payroll taxes payable.................................................177,591
Bonds payable.........................................................285,000
Cash.....................................................................360,000
Land....................................................................480,000
Notes receivable......................................................445,700
Notes payable (to banks).............................................265,000
Accounts payable.....................................................490,000
Retained earnings.............................................................?
Income taxes receivable...............................................97,630
Unsecured notes payable (long-term)...........................1,600,000
Accumulated depreciation-equipment........................€ 292,000
Inventory..............................................................239,800
Rent payable (short-term).............................................45,000
Income taxes payable.................................................98,362
Long-term rental obligations.......................................480,000
Share capital-ordinary, €1 par value.............................200,000
Share capital-preference, €10 par value.........................150,000
Prepaid expenses.......................................................87,920
Equipment...........................................................1,470,000
Trading securities.....................................................121,000
Accumulated depreciation-buildings............................270,200
Buildings............................................................1,640,000
Instructions
Prepare a classified statement of financial position in good form. Share capital-ordinary shares authorized was 400,000 shares, and share capital-preference shares authorized was 20,000 shares. Assume that notes receivable and notes payable are short-term, unless stated otherwise. Cost and fair value of trading securities are the same.