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	Equipment	1,474,170
Retained earnings	?	Debt investments (trading)	125,170
Income taxes receivable	101,800	Accumulated Depreciation-Buildings	270,300
Notes payable (long-term)	1,604,170	Buildings	1,644,170

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

ekkarill92 answered 2 years ago

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