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Could you check why balance sheet does not much? Hope explain what I miss it. Problem 5-2 Presented below are a number of balance sheet
Could you check why balance sheet does not much? Hope explain what I miss it.
Problem 5-2 Presented below are a number of balance sheet items for Montoya, Inc., for the current year, 2014. Goodwill Payroll Taxes Payable Bonds payable Discount on bonds payable Cash Land Notes receivable Notes payable (to banks) Accounts payable Retained earnings Income taxes receivable Notes payable (long-term) $ 129,460 182,051 304,460 15,302 364,460 484,460 450,160 269,460 494,460 ? 102,090 1,604,460 Accumulated Depreciation-Equipment Inventory Rent payable (short-term) Income taxes payable Rent payable (long-term) Common stock, $1 par value Preferred stock, $10 par value Prepaid expenses Equipment Equity investments (trading) Accumulated Depreciation-Buildings Buildings $ 292,302 244,260 49,460 102,822 484,460 204,460 154,460 92,380 1,474,460 125,460 270,502 1,644,460 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. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Building and Equipment.)Step by Step Solution
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