Problem 5 2 Presented below are a number of balance sheet items for Teal, Inc for the current year, 2020 Goodwill $ 127,990 Accumulated Depreciation Equipment $ 292,160 Payroll Taxes Payable 180,581 Inventory 242,790 Bonds payable 302,990 Rent payable (short term) 47,990 Discount on bonds payable 15,160 Income taxes payable 101,352 Cash 362,990 Rent payable (long term) 482,990 Land 482,990 Common stock, $1 par value 202,990 Notes receivable 448,690 Preferred stock, $10 par value 152,990 Notes payable (to banks) 267,990 Prepaid expenses 90,910 Accounts payable 492,990 Equipment 1,472,990 Retained earnings Debt investments (trading) 123,990 Income taxes receivable 100,620 Accumulated Depreciation Buildings 270,360 Notes payable (long term) 1,602,990 Buildings 1,642,990 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 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 Jul 22, 2024

Problem 5-2 Presented below are a number of balance sheet items for Teal, Inc. for the current year, 2020. Goodwill $ 127,990 Accumulated Depreciation-Equipment $

Problem 5-2

Presented below are a number of balance sheet items for Teal, Inc. for the current year, 2020.

Goodwill	$ 127,990	Accumulated Depreciation-Equipment	$ 292,160
Payroll Taxes Payable	180,581	Inventory	242,790
Bonds payable	302,990	Rent payable (short-term)	47,990
Discount on bonds payable	15,160	Income taxes payable	101,352
Cash	362,990	Rent payable (long-term)	482,990
Land	482,990	Common stock, $1 par value	202,990
Notes receivable	448,690	Preferred stock, $10 par value	152,990
Notes payable (to banks)	267,990	Prepaid expenses	90,910
Accounts payable	492,990	Equipment	1,472,990
Retained earnings	?	Debt investments (trading)	123,990
Income taxes receivable	100,620	Accumulated Depreciation-Buildings	270,360
Notes payable (long-term)	1,602,990	Buildings	1,642,990

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 order of liquidity. List Property, Plant and Equipment in order of Land, Building and Equipment.)