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	Equipment	1,473,520
Retained earnings	?	Debt investments (trading)	124,520
Income taxes receivable	101,150	Accumulated Depreciation-Buildings	270,380
Notes payable (long-term)	1,603,520	Buildings	1,643,520

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

Expert Solution

Shamrok Inc.
Balancesheet
As on 31st December 2017
Assets
Current Assets
Cash		363,520
Debt Investment - Trading		124,520
Notes Receivable		449,220
Income Taxes Receivable		101,150
Inventory		243,320
Prepaid Expense		91,440
Total Current Assets		1,373,170
Fixed Assets
Building	1,643,520
Less : Accumulated Depreciation	(270,380)	1,373,140
Equipment	1,473,520
Accumulated Depreciation-Equipment	(292,180)	1,181,340
Goodwill - Intngible Asset		128,520
Total Assets		4,056,170

Liability and Equity
Current Liability
Accounts Payable		493,520
Notes Payable		268,520
Rent Payable		48,520
Payroll Tax Payable		181,111
Income tax Payable		101,882
Total Current Liability		1,093,553
Long Term Liabilities
Notes Payable		1,603,520
Bond Payable	303,520
Less : Discount	(15,180)	288,340
Rent Payable		483,520
Total Long Term Liabilities		2,375,380
Total Liabilities		3,468,933

Equity
Common Stock (400000 x 1)		400000
Preferred Stock (20000 x 10)		200000
Retained Earnings		(12,763)
Total Equity		587237
Total Liability and Equity		4,056,170

Retained earnings = Total asset - Total liability - commonstock - prefernce stock

ekkarill92 answered 2 years ago

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