Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Presented below are a number of balance sheet items for Ayayai, Inc., for the current year, 2017. Goodwill $ 127,970 Accumulated Depreciation-Equipment $ 292,260 Payroll

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

Goodwill $ 127,970 Accumulated Depreciation-Equipment $ 292,260
Payroll Taxes Payable 180,561 Inventory 242,770
Bonds payable 302,970 Rent payable (short-term) 47,970
Discount on bonds payable 15,260 Income taxes payable 101,332
Cash 362,970 Rent payable (long-term) 482,970
Land 482,970 Common stock, $1 par value 202,970
Notes receivable 448,670 Preferred stock, $10 par value 152,970
Notes payable (to banks) 267,970 Prepaid expenses 90,890
Accounts payable 492,970 Equipment 1,472,970
Retained earnings ? Equity investments (trading) 123,970
Income taxes receivable 100,600 Accumulated Depreciation-Buildings 270,460
Notes payable (long-term) 1,602,970 Buildings 1,642,970

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

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Internal Audit Of The Future The Impact Of Technology Innovation

Authors: An Anthology Compiled And Contributed To By A. Michael Smith

1st Edition

1634540638, 978-1634540636

More Books

Students also viewed these Accounting questions