Problem 5-2 Presented below are a number of balance sheet items for Headland, Inc., for the...

Problem 5-2

Presented below are a number of balance sheet items for Headland, 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.)

Expert Solution

ekkarill92 answered 1 year ago

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