Classified Balance Sheet

Important information: . You can assume that notes receivable and notes payable are short-term unless stated otherwise . Cost and fair value of debt investments (trading) are the same. The authorized number of share for common stock is 400,000 shares and preferred stock is 20,000 shares. . You will calculate the missing retained earning amounts in the creation of your balance sheet. If you would like to email me your calculated retained earnings amount, I can confirm you have calculated it correctly. Essentially, it will be the "plug" to balance the Balance Sheet. Chapter 5 Assignment (20 points) Presented below are balance sheet items for Arenes Corporation, for the current year, 2020. Goodwill Payroll taxes payable Bonds payable Discount on bonds payable Cash Land Notes receivable Notes payable (to banks) Adcounts payable Retained carings Income taxes receivable Notes payable (long-term) 125,000 Accumu ated depreciation - equipment 177,591 Inventory 300,000 Rent payable (short-term 15,000 Income taxes payable 360,000 Rent payable (long-term 480,000 Common stock, Si par value 445,700 Preferred stock, S10 par value 265,000 Prepaid expenses 490,000 Equipment 21 Debt investments (trading) 97,630 Accumu ated depreciation buildings 1,600,000 Buildings 292,000 239,800 45,000 98,362 480,000 200,000 150,000 87920 1.470,000 121,000 270,200 1.640,000 ARENES CORPORATION Balance Sheet December 31, 2020 Assets Current assets Property, plant, and equipment Intangible assets Liabilities and Stockholders' Equity Current liabilities Long-term liabilities Stockholders' equity