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, 2017.

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	Equipment	1,470,000
Retained earnings	?	Debt investments (trading)	121,000
Income taxes receivable	97,630	Accumulated Depreciation-Buildings	270,200
Notes payable (long-term)	1,600,000	Buildings	1,640,000

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

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...

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