2024 – P5 2 Presented below are a number of balance sheet items for Montoya Inc for the current year 2014
Presented Below Are A Number Of Balance Sheet Items For Montoya, Inc., For The Current Year, 2014. – 2024
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.
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