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	Equipment	1,471,590
Retained earnings	?	Debt investments (trading)	122,590
Income taxes receivable	99,220	Accumulated Depreciation-Buildings	270,440
Notes payable (long-term)	1,601,590	Buildings	1,641,590

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

Sarasota Inc Classified Balance Sheet December 31, 2020

Assets
Current Assets;
Cash		$361,590
Debt Investment		$122,590
Note Receivable		$447,290
Income Tax Receivable		$99,220
Inventory		$241,390
Prepaid Expenss		$89,510
Total Current Assets			$1,361,590
Property Plant and Equipment;
Land		$481,590
Building	$1,641,590
Less: Accumulated Depreciation Building	$270,440	$1,371,150
Equipment	$1,471,590
Less: Accumulated Depreciation Equipment	$292,240	$1,179,350
Total Property Plant and Equipment			$3,032,090
Intangible Assets;
Good Will			$126,590
Total Assets			$4,520,270
Liabilities and Stockholders Equity
Current Liabilities;
Accounts Payable		$491,590
Notes Payable		$266,590
Payroll Taxes Payable		$179,181
Income Tax Payable		$99,952
Rent Payable		$46,590
Total Current Liabilities			$1,083,903
Long Term Liabilities;
Notes Payable		$1,601,590
Bond Payable	$301,590
Less: Discount on Bonds Payable	$15,240	$286,350
Rent Payable		$481,590	$2,369,530
Total Liabilities			$3,453,433
Stockholders Equity ;
Capital Stock
Preferred Stock		$151,590
Common Stock		$201,590	$353,180
Retained Earnings			$713,657
Total Stockholders Equity			$1,066,837
Total Liabilities and Stockholders Equity			$4,520,270

* Retained Earnings;

Total Stockholders Equity =$4,520,270 -$3,453,433=$1,066,837

Retained Earnings =$1,066,837 -$353,180=$713,657

ekkarill92 answered 2 years ago

Current Attempt in Progress Presented below are a number of balance sheet items for Sarasota, Inc....

Current Attempt in Progress Presented below are a number of balance sheet items for Sarasota, Inc. for the current year, 2020. Goodwill $ 126,300 Accumulated Depreciation-Equipment $ 292,150 Payroll Taxes Payable 178,891 Inventory 241,100 Bonds payable 301,300 Rent payable (short-term) 46,300 Discount on bonds payable 15,150 Income taxes payable 99,662 Cash 361,300 Rent payable (long-term) 481,300 Land 481,300 Common stock, $1 par value 201,300 Notes receivable 447,000 Preferred stock, $10 par value 151,300 Notes payable (to banks) 266,300 Prepaid expenses...

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...

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 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...

Question