Problem #1 Presented below are a number of balance sheet items for Montoya, Inc. for the current year, 2017. Good will $125,000 Accumulated Depreciation Equipment $292,000 Payroll Tax Payable 177,591 Inventory 239,800 Bonds Payable 300,000 Rent Payable (short-term) 45,000 Discount on Bonds Payable 13,000 Income Taxes Payable 98, 362 Cash 360,000 Rent Payable (long-term) 480,000 Land 480,000 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 securities) 121,000 Income Taxes Receivable 97,630 Accumulated Depreciation-Buildings 270,200 Notes Payable (long-term) 1,600.000 Buildings 1,640,000 I Required: 1. 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 equity investments (trading securities) are the same. 2. Compute the following ratios: Current ratio Quick ratio Debt ratio Equity ratio Cash debt coverage ratio Book value per common share