Question 1 Presented below are a number of balance sheet items for Sheffield, Inc., for the current year, 2017. 292,320 Goodwill 127,870 Accumulated Depreciation-Equipment Payroll Taxes Payable 242,670 180,461 Inventory Bonds payable 302,870 Rent payable (short-term 47,870 101,232 Discount on bonds payable 15,320 Income taxes payable 362,870 Rent payable (long-term) Cash 482,870 Land 482,870 Common stock, $1 par value 202,870 Notes receivable 448,570 Preferred stock, $10 par value 152,870 Notes payable (to banks) 267,870 Prepaid expenses 90,790 Accounts payable 492,870 Equipment 1,472,870 Retained earnings Equity investments (trading) 123,870 Income taxes receivable 100,500 Accumulated Depreciation-Buildings 270,520 Notes payable (long-term) 1,602,870 Buildings 1,642,870 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.) SHEFFIELD, INC. Balance Sheet December 31, 2017 Assets