Midway, Inc. December 31, 2014 Goodwill 128,730 Accumulated Depreciation-Equipment 292,200 Payroll Taxes Payable 181,321 Inventory 243,530...

		Midway, Inc.
		December 31, 2014

Goodwill	128,730		Accumulated Depreciation-Equipment	292,200
Payroll Taxes Payable	181,321		Inventory	243,530
Bonds payable	303,730		Rent payable (short-term)	48,730
Discount on bonds payable	15,200		Income taxes payable	102,092
Cash	363,730		Rent payable (long-term)	483,730
Land	483,730		Common stock, $1 par value	203,730
Notes receivable	449,430		Preferred stock, $10 par value	153,730
Notes payable (to banks)	268,730		Prepaid expenses	91,650
Accounts payable	493,730		Equipment	1,473,730
Retained earnings	?		Debt investments (trading)	124,730
Income taxes receivable	101,360		Accumulated Depreciation-Buildings	270,400
Notes payable (long-term)	1,603,730		Buildings	1,643,730

Prepare a classified balance sheet in good form. 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

1

Midway, Inc., INC.
Balance Sheet
December 31, 2014
Assets
Current assets
Cash		$363,730
Equity Investments (Trading)		124,730
Notes Receivable		449,430
Income Taxes Receivable		101,360
Inventory		243,530
Prepaid Expenses		91,650
Total current assets			$1,374,430

Property, plant, and equipment
Land		483,730
Buildings	$1,643,730
Less: Accum Deprec - Buildings	270,400	1,373,330
Equipment	1,473,730
Less: Accum Deprec - Equipment	292,200	1,181,530
			3,038,590
Intangible assets
Goodwill			128,730
Total assets			$4,541,750

Liabilities and Shareholders’ Equity
Current liabilities
Accounts Payable		$493,730
Notes Payable to Banks		268,730
Payroll Taxes Payable		181,321
Income Tax Payable		102,092
Rent Payable - Short-term		48,730
Total current liabilities			$1,094,603

Long-term liabilities
Unsecured Notes Payable (Long-term)		1,603,730
Bonds Payable	$303,730
Less: Discount on Bonds Payable	15,200	288,530
Rental Payable Long-term		483,730	2,375,990
Total liabilities			3,470,593

Shareholders’ equity
Capital Stock
Preferred stock, $10 par; shares
Preferred stock, $10 par; shares	153,730
Common stock, $1 par
Common stock, $1 par	203,730	357,460
Retained Earnings ($1,071,157 - $357,460)		713,697
Total shareholders’ equity ($4,541,750 – $3,470,593)			1,071,157
Total liabilities and shareholders’ equity			$4,541,750

working notes for the above answer is as under

1

Computation of Retained earnings:

Total assets	$4,541,750
Less: Liabilities	3,470,593
Less: Contributed capital	357,460
Retained earnings	$713,697

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