Presented below are a number of balance sheet items for Bridgeport, Inc., for the current year, 2017. Goodwill $ 127,700 Accumulated Depreciation-Equipment $ 292,160 Payroll Taxes Payable 180,291 Inventory 242,500 Bonds payable 302,700 Rent payable (short-term) 47,700 Discount on bonds payable 15,160 Income taxes payable 101,062 Cash 362,700 Rent payable (long-term) 482,700 Land 482,700 Common stock, $1 par value 202,700 Notes receivable 448,400 Preferred stock, $10 par value 152,700 Notes payable (to banks) 267,700 Prepaid expenses 90,620 Accounts payable 492,700 Equipment 1,472,700 Retained earnings ? Debt investments (trading) 123,700 Income taxes receivable 100,330 Accumulated Depreciation-Buildings 270,360 Notes payable (long-term) 1,602,700 Buildings 1,642,700 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 the order of liquidity. List Property, Plant and Equipment in order of Land, Building and Equipment.)

Problem 5-2 Your answer is partially correct. Try again Presented below are a number of balance sheet items for Bridgeport, Inc., for the current year, 2017. Accumulated Depreciation-Equipment Goodwill $127,700 292,160 Payroll Taxes Payable 180,291 Inventory 242,500 Bonds payable Rent payable (short-term) 302,700 47,700 Income taxes payable Discount on bonds payable 15,160 101,062 Cash Rent payable (long-term) 362,700 482,700 Land Common stock, $1 par value 482,700 202,700 Preferred stock, $10 par value Notes receivable 448,400 152,700 Prepaid expenses Notes payable (to banks) 267,700 90,620 Accounts payable 492,700 Equipment 1,472,700 Debt investments (trading) Retained earnings 123,700 ? Accumulated Depreciation-Buildings Income taxes receivable 100,330 270,360 Notes payable (long-term) Buildings 1,602,700 1,642,700 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 the order of liquidity. List Property, Plant and Equipment in order of Land, Building and Equipment.) BRIDGEPORT, INC. Balance Sheet December 31, 2017 Assets Current Assets 362700 Cash $ Debt Investments 123700 Notes Receivable 448400 Income Tax Receivable 100330 242500 Inventory Prepaid Expenses 90620 1368250 Total Current Assets $ Property, Plant and Equipment Land 482700 |I 1472700 1472700 Equipment Accumulated Depreciation-Equipment -292160 1180540 Less Buildings 1642700 Accumulated Depreciation-Building -270360 1372340 3035580 Less Intangible Assets 127700 Goodwill 4531530 Total Assets $ Liabilities and Stockholders' Equity Current Liabilities 492700 Accounts Payable $ Notes Payable 267700 180291 Payroll Taxes Payable Pavroll Taxes Pavable 180291 101062 Income Tax Payable 1089453 Total Current Liabilities Long-term Liabilities 1602700 Notes Payable Bonds Payable 302700 -15160 Discount on Bonds Payable 287540 Less Rent Payable 482700 Total Liabilities 2372940 Stockholders' Equity Capital Stock Preferred Stock 152700 202700 Common Stock 355400 Capital Stock Preferred Stock 152700 202700 Common Stock 355400 X Retained Earnings 1803190 X 2158590 Total Stockholders' Equity 4531530 Total Liabilities and Stockholders' Equity Click if you would like to Show Work for this question: Open Show Work