Presented below are a number of balance sheet items for Montoya, Inc., for the current year, 2014.
P5-2 Presented below are a number of balance sheet items for Montoya, Inc., for the current year, 2014.
Goodwill
$125,000
Accumulated Depreciation – Equipment
$292,000
Payroll Taxes Payable
177,591
Inventory
239,800
Bonds Payable
300,000
Rent Payable – Short-term
45,000
Discount on Bonds Payable
15,000
Income Tax Payable
98,362
Cash
360,000
Rental Expense Long-term
480,000
Land
480,000
Common Stock, $1 Par Value
200,000
Notes Receivable
445,700
Preferred Stock, $10 Par Value
150,000
Notes Payable to Banks
265,000
Prepaid Expenses
87,920
Accounts Payable
490,000
Equipment
1,470,000
Retained Earnings
?
Equity Investments (Trading)
121,000
Income Taxes Receivable
97,630
Accumulated Depreciation – Buildings
270,200
Unsecured Notes Payable (Long-term)
1,600,000
Buildings
1,640,000
Instructions
Prepare a classified balance sheet in good form. Common stock authorized was400,000shares, 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 marketable securities are the same.
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