Problem 5-2

Presented below are a number of balance sheet items for Sweet, Inc., for the current year, 2017.

Goodwill		$ 128,520		Accumulated Depreciation-Equipment		$ 292,180
Payroll Taxes Payable		181,111		Inventory		243,320
Bonds payable		303,520		Rent payable (short-term)		48,520
Discount on bonds payable		15,180		Income taxes payable		101,882
Cash		363,520		Rent payable (long-term)		483,520
Land		483,520		Common stock, $1 par value		203,520
Notes receivable		449,220		Preferred stock, $10 par value		153,520
Notes payable (to banks)		268,520		Prepaid expenses		91,440
Accounts payable		493,520		Equipment		1,473,520
Retained earnings		?		Debt investments (trading)		124,520
Income taxes receivable		101,150		Accumulated Depreciation-Buildings		270,380
Notes payable (long-term)		1,603,520		Buildings		1,643,520

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. (List Current Assets in the order of liquidity. List Property, Plant and Equipment in order of Land, Building and Equipment.)

SWEET, INC. Balance Sheet December 31, 2017For the Year Ended December 31, 2017For the Quarter Ended December 31, 2017