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	Equipment	1,472,700
Retained earnings	?	Debt investments (trading)	123,700
Income taxes receivable	100,330	Accumulated Depreciation-Buildings	270,360
Notes payable (long-term)	1,602,700	Buildings	1,642,700

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

BRIDGEPORT, INC.
Balance Sheet
December 31, 2017

Assets
Current assets
Cash		$362,700
Debt investments		$123,700
Notes receivables		$448,400
Income Tax Receivable		$100,330
Inventory		$242,500
Prepaid expenses		$90,620
Total Current Assets			$1,368,250
Property, Plant, and Equipment
Land		$482,700
Building	$1,642,700
Less: Accumulated depreciation - building	($270,360)	$1,372,340
Equipment	$1,472,700
Less: Accumulated depreciation - equipment	($292,160)	$1,180,540	$3,035,580
Intangible assets
Goodwill			$127,700
Total Assets			$4,531,530
Liabilities and Stockholders Equity
Current Liabilities
Accounts Payable		$492,700
Notes Payable		$267,700
Payroll Taxes Payable		$180,291
Rent payable		$47,700
Income taxes payable		$101,062
Total Current Liabilities			$1,089,453
Long term liabilities
Notes payable		$1,602,700
Rent payable		$482,700
Bonds Payable	$302,700
Less: Discount on bonds payable	($15,160)	$287,540	$2,372,940
Total liabilities [$1,089,453 + $2,372,940]			$3,462,393
Stockholders equity
Capital stock
Preferred stock	$152,700
Common stock	$202,700
		$355,400
Retained earnings [Refer working note]		$713,737
Total stockholders equity [$355,400 + $713,737]			$1,069,137
Total Liabilities and Stockholdes Equity [$3,462,393 + $1,069,137]			$4,531,530

.

ekkarill92 answered 1 year ago

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 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...

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 Coronado, Inc., for the current year,...

Presented below are a number of balance sheet items for Coronado, Inc., for the current year, 2017. Goodwill $ 127,010 Accumulated Depreciation-Equipment $ 292,380 Payroll Taxes Payable 179,601 Inventory 241,810 Bonds payable 302,010 Rent payable (short-term) 47,010 Discount on bonds payable 15,380 Income taxes payable 100,372 Cash 362,010 Rent payable (long-term) 482,010 Land 482,010 Common stock, $1 par value 202,010 Notes receivable 447,710 Preferred stock, $10 par value 152,010 Notes payable (to banks) 267,010 Prepaid expenses 89,930 Accounts payable 492,010...

Question