Question
Presented below are a number of balance sheet items for Novak, Inc., for the current year, 2017. Goodwill$129,340Accumulated Depreciation-Equipment$292,330Payroll Taxes Payable181,931Inventory244,140Bonds payable304,340Rent payable (short-term)49,340Discount on
Presented below are a number of balance sheet items for Novak, Inc., for the current year, 2017.
Goodwill$129,340Accumulated Depreciation-Equipment$292,330Payroll Taxes Payable181,931Inventory244,140Bonds payable304,340Rent payable (short-term)49,340Discount on bonds payable15,330Income taxes payable102,702Cash364,340Rent payable (long-term)484,340Land484,340Common stock, $1 par value204,340Notes receivable450,040Preferred stock, $10 par value154,340Notes payable (to banks)269,340Prepaid expenses92,260Accounts payable494,340Equipment1,474,340Retained earnings?Debt investments (trading)125,340Income taxes receivable101,970Accumulated Depreciation-Buildings270,530Notes payable (long-term)1,604,340Buildings1,644,340
Prepare classified balance sheet in good form. Common stock authorized was400,000shares, and preferred stock authorized was20,000shares. 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.)
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