Presented below are a number of balance sheet items for Montoya, Inc
accounting teacher (Not rated)
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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.
10 years ago
Presented below are a number of balance sheet items for Montoya, Inc
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p5-2_montoya.xls
