Problem 5-2

Presented below are a number of balance sheet items for Montoya, Inc., for the current year, 2014.

Goodwill		$ 127,330		Accumulated Depreciation-Equipment		$ 292,246
Payroll Taxes Payable		179,921		Inventory		242,130
Bonds payable		302,330		Rent payable (short-term)		47,330
Discount on bonds payable		15,246		Income taxes payable		100,692
Cash		362,330		Rent payable (long-term)		482,330
Land		482,330		Common stock, $1 par value		202,330
Notes receivable		448,030		Preferred stock, $10 par value		152,330
Notes payable (to banks)		267,330		Prepaid expenses		90,250
Accounts payable		492,330		Equipment		1,472,330
Retained earnings		?		Equity investments (trading)		123,330
Income taxes receivable		99,960		Accumulated Depreciation-Buildings		270,446
Notes payable (long-term)		1,602,330		Buildings		1,642,330

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