Current Attempt in Progress Presented below are a number of balance sheet items for Sarasota, Inc for the current year, 2020 Goodwill $ 126,300 Accumulated Depreciation Equipment $ 292,150 Payroll Taxes Payable 178,891 Inventory 241,100 Bonds payable 301,300 Rent payable (short term) 46,300 Discount on bonds payable 15,150 Income taxes payable 99,662 Cash 361,300 Rent payable (long term) 481,300 Land 481,300 Common stock, $1 par value 201,300 Notes receivable 447,000 Preferred stock, $10 par value 151,300 Notes payable (to banks) 266,300 Prepaid expenses 89,220 Accounts payable 491,300 Equipment 1,471,300 Retained earnings Debt investments (trading) 122,300 Income taxes receivable 98,930 Accumulated Depreciation Buildings 270,350 Notes payable (long term) 1,601,300 Buildings 1,641,300 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 debt 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 Jul 17, 2024

Current Attempt in Progress Presented below are a number of balance sheet items for Sarasota, Inc. for the current year, 2020. Goodwill $ 126,300 Accumulated

Current Attempt in Progress

Presented below are a number of balance sheet items for Sarasota, Inc. for the current year, 2020.

Goodwill	$ 126,300	Accumulated Depreciation-Equipment	$ 292,150
Payroll Taxes Payable	178,891	Inventory	241,100
Bonds payable	301,300	Rent payable (short-term)	46,300
Discount on bonds payable	15,150	Income taxes payable	99,662
Cash	361,300	Rent payable (long-term)	481,300
Land	481,300	Common stock, $1 par value	201,300
Notes receivable	447,000	Preferred stock, $10 par value	151,300
Notes payable (to banks)	266,300	Prepaid expenses	89,220
Accounts payable	491,300	Equipment	1,471,300
Retained earnings	?	Debt investments (trading)	122,300
Income taxes receivable	98,930	Accumulated Depreciation-Buildings	270,350
Notes payable (long-term)	1,601,300	Buildings	1,641,300

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 debt investments (trading) are the same. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Building and Equipment.)