Presented below are a number of balance sheet items for Montoya, Inc
Presented below are a number of balance sheet items for Montoya, Inc
Subject: Business   / Accounting
Question
P5-2 Presented below are a number of balance sheet items for Montoya, Inc., for the current year, 2014.
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 Tax Payable   98,362
Cash   360,000   Rental Expense 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   ?   Equity Investments (Trading)   121,000
Income Taxes Receivable   97,630   Accumulated Depreciation – Buildings   270,200
Unsecured Notes Payable (Long-term)   1,600,000   Buildings   1,640,000
Instructions
Prepare a classified balance sheet in good form. Common stock authorized was400,000shares, 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 marketable securities are the same.
