Question
Presented below are a number of balance sheet items for Nash, Inc. for the current year, 2020. Goodwill $ 128,190 Accumulated Depreciation-Equipment $ 292,170 Payroll
Presented below are a number of balance sheet items for Nash, Inc. for the current year, 2020.
Goodwill
$ 128,190
Accumulated Depreciation-Equipment
$ 292,170
Payroll Taxes Payable
180,781
Inventory
242,990
Bonds payable
303,190
Rent payable (short-term)
48,190
Discount on bonds payable
15,170
Income taxes payable
101,552
Cash
363,190
Rent payable (long-term)
483,190
Land
483,190
Common stock, $1 par value
203,190
Notes receivable
448,890
Preferred stock, $10 par value
153,190
Notes payable (to banks)
268,190
Prepaid expenses
91,110
Accounts payable
493,190
Equipment
1,473,190
Retained earnings
?
Debt investments (trading)
124,190
Income taxes receivable
100,820
Accumulated Depreciation-Buildings
270,370
Notes payable (long-term)
1,603,190
Buildings
1,643,190
Prepare 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.
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