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	Equipment	1,472,010
Retained earnings	?	Debt investments (trading)	123,010
Income taxes receivable	99,640	Accumulated Depreciation-Buildings	270,580
Notes payable (long-term)	1,602,010	Buildings	1,642,010

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

Balance sheet of Coronado. Inc., for the current year 2017. assets:

current assets	Amount
cash	362010
Tax receivables	99640
Notes receivables	447710
Debt investment	123010
Inventory	241810
Prepaid expenses	89930
total current assets	1364110

property, plant and equipment
Land	482010
Equipment	1472010
Less:accumulated depreciation	(292380)
Building	1642010
Less: accumulated depreciation	(270580)
total ppe	3033070

intangible assets
Goodwill	127010

total assets 4524190

current liabilities
Notes payable	267010
Accounts payable	492010
Rent payable	47010
Payroll taxes payable	179601
Income taxes payable	100372
total current liabilities	1086003

noncurrent liabilities
Notes payable	1602010
Bonds payable	302010
Less:discount	(15380)
Rent payable	482010
total noncurrent liabilities	2370650

capital stock
Preferred stock	152010
Common stock	202010
Retained earning	713517
total capital stock	1067537

total liabilities 4524190

ekkarill92 answered 1 year ago

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