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	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.)

BUFFALO, INC. Balance Sheet choose the accounting period December 31, 2020For the Year Ended December 31, 2020For the Quarter Ended December 31, 2020
Assets
select an opening name for subsection one Capital StockCurrent AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders' Equity
enter a balance sheet item			$enter a dollar amount
enter a balance sheet item

Expert Solution

Buffalo Inc. Balance sheet At December 31,2020
Assets
Current assets:
Cash		364,170
Debt investments (trading)		125,170
Notes receivable		449,870
Income taxes receivable		101,800
Inventory		243,970
Prepaid expenses		92,090
Total Current assets			1,377,070
Property,plant,and equipment:
Land		484,170
Buildings	1,644,170
Less: Accumulated Depreciation-Buildings	-270,300	1,373,870
Equipment	1,474,170
Less: Accumulated Depreciation-Equipment	-292,100	1,182,070
Total Property,plant,and equipment			3,040,110
Intangible assets:
Goodwill			129,170

Total Assets			4,546,350

Liabilities and Stockholders' equity
Current liabilities:
Accounts payable		494,170
Rent payable (short-term)		49,170
Payroll Taxes Payable		181,761
Income taxes payable		102,532
Notes payable (to banks)		269,170
Total Current liabilities			1,096,803
Long-term Liabilities:
Rent payable (Long-term)		484,170
Notes payable (Long-term)		1,604,170
Bonds payable	304,170
Less: Discount on bonds payable	-15,100	289,070
Total Long-term Liabilities			2,377,410
Total Liabilities			3,474,213

Stockholders' Equity:
Capital Stock :
Common stock	204,170
Preferred stock	154,170
		358,340
Retained earnings - Bal. Fig.		713,797
Total Stockholders' equity			1,072,137
Total Liabilities and stockholders' equity			4,546,350

ekkarill92 answered 1 year ago

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