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Presented below are a number of balance sheet items for Montoya, Inc., for the current year, 2020: JalkS).............. Goodwill.. ............$ 125,000 Payroll taxes payable.................. .............$
Presented below are a number of balance sheet items for Montoya, Inc., for the current year, 2020: JalkS).............. Goodwill.. ............$ 125,000 Payroll taxes payable.................. .............$ 177,591 Bonds payable............. . ...$ 300,000 Discount on bonds payable.... .......... 15,000 Cash.... ..$ 360,000 Land. 480,000 Notes receivable......................... $ 445,700 Notes payable (to banks).. 265,000 Accounts payable................... ..............$ 490,000 Retained earnings....... .. ? Income taxes receivable...............................$ 97,630 Notes payable (long-term).. ..........$ 1,600,000 Accumulated depreciation-equipment............$ 292,000 Inventory... .............$ 239,800 Rent payable (short-term)........... .............$ 45,000 Income taxes payable............... ..$ 98,362 Rent payable (long-term)........................... ..$ 480,000 Common stock, $1 par value........... $ 200,000 Preferred stock, $10 par value........... $ 150,000 Prepaid expenses.............. $ 87,920 Equipment............. ..$ 1,470,000 Debt investments (trading)............... .............$ 121,000 Accumulated depreciation - buildings............$ 270,200 Buildings..... ..............$ 1,640,000 Additional information is as follows: 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. Prepare a classified balance sheet in good form. (round dollar amounts to the nearest cent with commas as needed) Assets Current assets Cash..... Debt investments (trading)..... Notes receivable.. .................... Income taxes receivable............ Inventory....................... Prepaid expenses...... Total current assets..... Long-term assets Land. Buildings (net of accumulated depreciation)..... ... Equipment (net of accumulated depreciation...... Goodwill..... Total long-term assets... A Total assets... . Liabilities and Stockholders' Equity For Blank 13 Current liabilities Accounts payable. Notes payable (to banks)...... Payroll taxes payable...... Income taxes payable..... Rent payable.............. Total current liabilities............. Long-term liabilities Notes payable (long-term)........... Bonds payable (net of unamortized discount)..... Rent payable (long-term).. Total long-term liabilities. Total liabilities Stockholders' equity Capital stock Preferred stock, $10 par; 20,000 shares authorized, 15,000 shares issued.......$ Common stock, $1 par, 400,000 shares authorized, 200,000 issued................. Total capital stock. A Retained earnings............. A Total stockholders' equity...... A Total liabilities and stockholders' equity
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