Problem 5 2 Presented below are a number of balance sheet items for Swifty, Inc , for the current year, 2017 Goodwill $ 126,590 Accumulated Depreciation Equipment $ 292,240 Payroll Taxes Payable 179,181 Inventory 241,390 Bonds payable 301,590 Rent payable (short term) 46,590 Discount on bonds payable 15,240 Income taxes payable 99,952 Cash 361,590 Rent payable (long term) 481,590 Land 481,590 Common stock, $1 par value 201,590 Notes receivable 447,290 Preferred stock, $10 par value 151,590 Notes payable (to banks) 266,590 Prepaid expenses 89,510 Accounts payable 491,590 Equipment 1,471,590 Retained earnings Debt investments (trading) 122,590 Income taxes receivable 99,220 Accumulated Depreciation Buildings 270,440 Notes payable (long term) 1,601,590 Buildings 1,641,590 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 )

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Sep 11, 2024

Problem 5-2 Presented below are a number of balance sheet items for Swifty, Inc., for the current year, 2017. Goodwill $ 126,590 Accumulated Depreciation-Equipment $

Problem 5-2

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

Goodwill	$ 126,590	Accumulated Depreciation-Equipment	$ 292,240
Payroll Taxes Payable	179,181	Inventory	241,390
Bonds payable	301,590	Rent payable (short-term)	46,590
Discount on bonds payable	15,240	Income taxes payable	99,952
Cash	361,590	Rent payable (long-term)	481,590
Land	481,590	Common stock, $1 par value	201,590
Notes receivable	447,290	Preferred stock, $10 par value	151,590
Notes payable (to banks)	266,590	Prepaid expenses	89,510
Accounts payable	491,590	Equipment	1,471,590
Retained earnings	?	Debt investments (trading)	122,590
Income taxes receivable	99,220	Accumulated Depreciation-Buildings	270,440
Notes payable (long-term)	1,601,590	Buildings	1,641,590

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.)