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Presented below are a number of balance sheet items for Montoya, Inc., for the current year, 2017. Goodwill $124,700 Accumulated depreciation-equipment $292,000 Payroll taxes payable
Presented below are a number of balance sheet items for Montoya, Inc., for the current year, 2017. | ||||||||
Goodwill | $124,700 | Accumulated depreciation-equipment | $292,000 | |||||
Payroll taxes payable | 177,591 | Inventory | 239,800 | |||||
Bonds payable | 300,000 | Rent payable (short-term) | 45,000 | |||||
Discount on bonds payable | 15,000 | Income taxes payable | 98,362 | |||||
Cash | 365,000 | Rent payable (long-term) | 480,000 | |||||
Land | 483,000 | Common stock, $1 par value | 200,000 | |||||
Notes receivable | 445,700 | Preferred stock, $10 par value | 150,000 | |||||
Notes payable (to banks) | 265,000 | Prepaid expenses | 87,920 | |||||
Accounts payable | 490,000 | Equipment | 1,470,000 | |||||
Retained earnings | ? | Debt investments (trading) | 121,000 | |||||
Income taxes receivable | 97,630 | Accumulated depreciationbuildings | 270,200 | |||||
Notes payable (long-term) | 1,660,000 | Building | 1,640,000 | |||||
Instructions | ||||||||
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. | ||||||||
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