Problem 5-2

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

Goodwill		$ 129,510		Accumulated Depreciation-Equipment		$ 292,500
Payroll Taxes Payable		182,101		Inventory		244,310
Bonds payable		304,510		Rent payable (short-term)		49,510
Discount on bonds payable		15,500		Income taxes payable		102,872
Cash		364,510		Rent payable (long-term)		484,510
Land		484,510		Common stock, $1 par value		204,510
Notes receivable		450,210		Preferred stock, $10 par value		154,510
Notes payable (to banks)		269,510		Prepaid expenses		92,430
Accounts payable		494,510		Equipment		1,474,510
Retained earnings		?		Debt investments (trading)		125,510
Income taxes receivable		102,140		Accumulated Depreciation-Buildings		270,700
Notes payable (long-term)		1,604,510		Buildings		1,644,510

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.)

TEAL, INC. Balance Sheet Assets $ $ Liabilities and Stockholders' Equity 2 A .. $ Click if you would like to Show Work for this question: Open Show Work