In: Accounting
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 | Equipment | 1,472,990 | |||
Retained earnings | ? | Debt investments (trading) | 123,990 | |||
Income taxes receivable | 100,620 | Accumulated Depreciation-Buildings | 270,360 | |||
Notes payable (long-term) | 1,602,990 | Buildings | 1,642,990 |
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.)