5 2 Presented below are a number of balance sheet items for Teal, Inc , for the current year, 2017 Goodwill $128,780 Accumulated Depreciation Equipment $292,310 Payroll Taxes Payable 181,371 Inventory 243,580 Bonds payable 303,780 Rent payable (short term) 48,780 Discount on bonds payable 15,310 Income taxes payable 102,142 Cash 363,780 Rent payable (long term) 483,780 Land 483,780 Common stock, $1 par value 203,780 Notes receivable 449,480 Preferred stock, $10 par value 153,780 Notes payable (to banks) 268,780 Prepaid expenses 91,700 Accounts payable 493,780 Equipment 1,473,780 Retained earnings Equity investments (trading) 124,780 Income taxes receivable 101,410 Accumulated Depreciation Buildings 270,510 Notes payable (long term) 1,603,780 Buildings 1,643,780 Prepare a classified balance sheet in good form Common stock authorized was400,000shares, and preferred stock authorized was20,000shares Assume that notes receivable and notes payable are short term, unless stated otherwise Cost and fair value of equity investments (trading) are the same (List Current Assets in order of liquidity List Property, Plant and Equipment in order of Land, Building and Equipment )

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jun 28, 2024

5-2 Presented below are a number of balance sheet items for Teal, Inc., for the current year, 2017. Goodwill $128,780 Accumulated Depreciation-Equipment $292,310 Payroll Taxes

5-2

Presented below are a number of balance sheet items for Teal, Inc., for the current year, 2017.

Goodwill	$128,780	Accumulated Depreciation-Equipment	$292,310
Payroll Taxes Payable	181,371	Inventory	243,580
Bonds payable	303,780	Rent payable (short-term)	48,780
Discount on bonds payable	15,310	Income taxes payable	102,142
Cash	363,780	Rent payable (long-term)	483,780
Land	483,780	Common stock, $1 par value	203,780
Notes receivable	449,480	Preferred stock, $10 par value	153,780
Notes payable (to banks)	268,780	Prepaid expenses	91,700
Accounts payable	493,780	Equipment	1,473,780
Retained earnings	?	Equity investments (trading)	124,780
Income taxes receivable	101,410	Accumulated Depreciation-Buildings	270,510
Notes payable (long-term)	1,603,780	Buildings	1,643,780

Prepare a classified balance sheet in good form. Common stock authorized was400,000shares, and preferred stock authorized was20,000shares. Assume that notes receivable and notes payable are short-term, unless stated otherwise. Cost and fair value of equity investments (trading) are the same. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Building and Equipment.)