P 5-2 Prepare a classified balance sheet in good form. (No monetary amounts are to be shown.)

P5-2(Balance Sheet Preparation) Presented below are a number of balance sheet items for Montoya, for the current year, 2014.

Goodwill $125,000

Payroll taxes payable $177,591

Bonds payable $300,000

Discount on bonds payable $15,000

Cash $360,000

Notes receivable $445,700

Notes payable (to banks) $265,000

Accounts payable $490,00

Retained earnings ?

Income taxes receivable $97,630

Notes payable (long-term) $1, 600,000

Accumulated depreciation