Question

In: Accounting

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 value $1,250,000

Notes payable (to banks) $264,900

Prepaid expenses $68,760

Accounts payable $ 347,000

Equipment $1,386,000

Retained earnings ?

Equity investments (trading) $375,000

Income taxes receivable $45,600

Accumulated depreciation—buildings $361,200

Unsecured notes payable (long-term) $1,300,000

Buildings $2,800,000

Instructions:

Prepare a classified balance sheet in good form.

Common stock authorized was 1,000,000 shares, and preferred stock authorized was 50,000 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.

Expert Solution

Note

1) Retained Earnings Are Balancing Figure

2) Discount on Bond Payable, We Assume that these are related to issue of bonds on discount which is amortise over the period (term of the bond)

ekkarill92 answered 2 years ago

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