Problem 5-2

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

Goodwill		$ 129,160		Accumulated Depreciation-Equipment		$ 292,306
Payroll Taxes Payable		181,751		Inventory		243,960
Bonds payable		304,160		Rent payable (short-term)		49,160
Discount on bonds payable		15,306		Income taxes payable		102,522
Cash		364,160		Rent payable (long-term)		484,160
Land		484,160		Common stock, $1 par value		204,160
Notes receivable		449,860		Preferred stock, $10 par value		154,160
Notes payable (to banks)		269,160		Prepaid expenses		92,080
Accounts payable		494,160		Equipment		1,474,160
Retained earnings		?		Equity investments (trading)		125,160
Income taxes receivable		101,790		Accumulated Depreciation-Buildings		270,506
Notes payable (long-term)		1,604,160		Buildings		1,644,160

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.)