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

Presented below are a number of balance sheet items for Vaughn, Inc. for the current year, 2020.

Goodwill	$ 127,970	Accumulated Depreciation-Equipment	$ 292,260
Payroll Taxes Payable	180,561	Inventory	242,770
Bonds payable	302,970	Rent payable (short-term)	47,970
Discount on bonds payable	15,260	Income taxes payable	101,332
Cash	362,970	Rent payable (long-term)	482,970
Land	482,970	Common stock, $1 par value	202,970
Notes receivable	448,670	Preferred stock, $10 par value	152,970
Notes payable (to banks)	267,970	Prepaid expenses	90,890
Accounts payable	492,970	Equipment	1,472,970
Retained earnings	?	Debt investments (trading)	123,970
Income taxes receivable	100,600	Accumulated Depreciation-Buildings	270,460
Notes payable (long-term)	1,602,970	Buildings	1,642,970

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 order of liquidity. List Property, Plant and Equipment in order of Land, Building and Equipment.)

Expert Solution

Solution:
	BALANCE SHEET
	ASSETS	AMOUNT	AMOUNT
	CURRENT ASSETS:
	Cash	$ 362,970
	Inventory	$ 242,770
	Note Receivable	$ 448,670
	Income Tax Receivable	$ 100,600
	Prepaid Expenses	$ 90,890
	Debt investment - Trading	$ 123,970
	Total Current Assets		$ 1,369,870

	FIXED ASSETS:

	Goodwill		$ 127,970
	Land		$ 482,970
	Building	$ 1,642,970
	Less: Accumulated Depreciation - Building	$ 270,460	$ 1,372,510

	Equipment	$ 1,472,970
	Less: Accumulated Depreciation - Equipment	$ 292,260	$ 1,180,710

	Total Of Fixed Assets		$ 3,164,160


	TOTAL OF ASSETS		$ 4,534,030


	LIABILITIES & SHAREHOLDER'S EQUITY	AMOUNT	AMOUNT
	CURRENT LIABILITIES:
	Account Payable	$ 492,970
	Notes Payable	$ 267,970
	Rent Payable	$ 47,970
	Income tax Payable	$ 101,332
	Payroll Tax payable	$ 180,561
			$ 1,090,803
	NON-CURRENT LIABILITIES:
	Bonds Payable	$ 302,970
	Less: Discount on Bonds Payable	$ -15,260
	Net Bonds Payable	$ 318,230
	Notes Payable (Long Term)	$ 1,602,970
	Rent Payable (Long Term)	$ 482,970
	Total of Non-Current Liabilities		$ 2,404,170

	Shareholder's Equity
	Common Stock	$ 202,970
	Preferred Stock	$ 152,970
	Retained Earnings	$ 683,117
	Total Shareholder's Equity		$ 1,039,057

	TOTAL OF LIABILITES & SAHREHOLDER'S EQUITY		$ 4,534,030

Notes:	Calculation of retained Earnings
	Retained Earnings = Total of Assets - Current Liabilities - Noncurrent Liabilities - Common Stock - Preferred Stock
	Retained Earnings = $ 4 ,534,030 -$ 1,090,803 - $ 2,404,170 - $ 202,970 - $ 152,970
	Retained Earnings = $ 683,117

ekkarill92 answered 2 years ago

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

Presented below are a number of balance sheet items for Roma, Inc., for the current year, 2020. Goodwill $ 210,000 Accumulated depreciation—equipment $ 467,000 Payroll taxes payable $65,300 Inventory $ 398,600 Bonds payable $500,000 Rent payable (short-term) $40,000 Discount on bonds payable $35,000 Income tax payable $110,800 Cash $ 61,000 Rent payable (long-term) $80,000 Land $351,000 Common stock, $1 par value $250,000 Notes receivable $160,500 Preferred stock, $25 par...

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

Presented below are a number of balance sheet items for Shamrock, Inc., for the current year, 2017. Goodwill $ 128,520 Accumulated Depreciation-Equipment $ 292,180 Payroll Taxes Payable 181,111 Inventory 243,320 Bonds payable 303,520 Rent payable (short-term) 48,520 Discount on bonds payable 15,180 Income taxes payable 101,882 Cash 363,520 Rent payable (long-term) 483,520 Land 483,520 Common stock, $1 par value 203,520 Notes receivable 449,220 Preferred stock, $10 par value 153,520 Notes payable (to banks) 268,520 Prepaid expenses 91,440 Accounts payable 493,520...

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

Presented below are a number of balance sheet items for Montoya, Inc. for the current year, 2020. 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 taxes payable 98,362 Cash 360,000 Rent payable (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...

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

Presented below are a number of balance sheet items for Sunland, Inc., for the current year, 2017. Goodwill $ 127,990 Accumulated Depreciation-Equipment $ 292,160 Payroll Taxes Payable 180,581 Inventory 242,790 Bonds payable 302,990 Rent payable (short-term) 47,990 Discount on bonds payable 15,160 Income taxes payable 101,352 Cash 362,990 Rent payable (long-term) 482,990 Land 482,990 Common stock, $1 par value 202,990 Notes receivable 448,690 Preferred stock, $10 par value 152,990 Notes payable (to banks) 267,990 Prepaid expenses 90,910 Accounts payable 492,990...

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

Presented below are a number of balance sheet items for Metlock, Inc., for the current year, 2017. Goodwill $ 129,170 Accumulated Depreciation-Equipment $ 292,100 Payroll Taxes Payable 181,761 Inventory 243,970 Bonds payable 304,170 Rent payable (short-term) 49,170 Discount on bonds payable 15,100 Income taxes payable 102,532 Cash 364,170 Rent payable (long-term) 484,170 Land 484,170 Common stock, $1 par value 204,170 Notes receivable 449,870 Preferred stock, $10 par value 154,170 Notes payable (to banks) 269,170 Prepaid expenses 92,090 Accounts payable 494,170 Equipment 1,474,170...

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

Presented below are a number of balance sheet items for Marin, Inc. for the current year, 2020. Goodwill $ 129,170 Accumulated Depreciation-Equipment $ 292,100 Payroll Taxes Payable 181,761 Inventory 243,970 Bonds payable 304,170 Rent payable (short-term) 49,170 Discount on bonds payable 15,100 Income taxes payable 102,532 Cash 364,170 Rent payable (long-term) 484,170 Land 484,170 Common stock, $1 par value 204,170 Notes receivable 449,870 Preferred stock, $10 par value 154,170 Notes payable (to banks) 269,170 Prepaid expenses 92,090 Accounts payable 494,170...

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

Presented below are a number of balance sheet items for Sarasota, Inc. for the current year, 2020. Goodwill $ 126,590 Accumulated Depreciation-Equipment $ 292,240 Payroll Taxes Payable 179,181 Inventory 241,390 Bonds payable 301,590 Rent payable (short-term) 46,590 Discount on bonds payable 15,240 Income taxes payable 99,952 Cash 361,590 Rent payable (long-term) 481,590 Land 481,590 Common stock, $1 par value 201,590 Notes receivable 447,290 Preferred stock, $10 par value 151,590 Notes payable (to banks) 266,590 Prepaid expenses 89,510 Accounts payable 491,590...

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

Presented below are a number of balance sheet items for Buffalo, Inc. for the current year, 2020. Goodwill $ 129,170 Accumulated Depreciation-Equipment $ 292,100 Payroll Taxes Payable 181,761 Inventory 243,970 Bonds payable 304,170 Rent payable (short-term) 49,170 Discount on bonds payable 15,100 Income taxes payable 102,532 Cash 364,170 Rent payable (long-term) 484,170 Land 484,170 Common stock, $1 par value 204,170 Notes receivable 449,870 Preferred stock, $10 par value 154,170 Notes payable (to banks) 269,170 Prepaid expenses 92,090 Accounts payable 494,170...

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

Presented below are a number of balance sheet items for Bridgeport, Inc., for the current year, 2017. Goodwill $ 127,700 Accumulated Depreciation-Equipment $ 292,160 Payroll Taxes Payable 180,291 Inventory 242,500 Bonds payable 302,700 Rent payable (short-term) 47,700 Discount on bonds payable 15,160 Income taxes payable 101,062 Cash 362,700 Rent payable (long-term) 482,700 Land 482,700 Common stock, $1 par value 202,700 Notes receivable 448,400 Preferred stock, $10 par value 152,700 Notes payable (to banks) 267,700 Prepaid expenses 90,620 Accounts payable 492,700...

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

Presented below are a number of balance sheet items for Coronado, Inc., for the current year, 2017. Goodwill $ 127,010 Accumulated Depreciation-Equipment $ 292,380 Payroll Taxes Payable 179,601 Inventory 241,810 Bonds payable 302,010 Rent payable (short-term) 47,010 Discount on bonds payable 15,380 Income taxes payable 100,372 Cash 362,010 Rent payable (long-term) 482,010 Land 482,010 Common stock, $1 par value 202,010 Notes receivable 447,710 Preferred stock, $10 par value 152,010 Notes payable (to banks) 267,010 Prepaid expenses 89,930 Accounts payable 492,010...

Question