Question

Chapter 05 Group work - STU.xlsx Problem 3 Page 4 Presented below are a number of balance sheet items for Montoya, Inc., for the current year, 2020. Goodwill Payroll taxes payable Bonds payable Discount on bonds payable Cash Land Notes receivable Notes payable (to banks) Accounts payable Retained earnings Income taxes receivable Notes payable (long-term) $ $ $ $ $ $ $ $ $ 125,000 177,591 300,000 15,000 360,000 480,000 445,700 265,000 490,000 ? 97,630 1,600,000 Accumulated depreciation equipment Inventory Rent payable (short-term) Income taxes payable Rent payable (long-term) Common stock, $1 par value Preferred stock, $10 par value Prepaid expenses Equipment Debt investments (trading) Accumulated depreciation-buildings Buildings $ $ $ $ $ $ $ $ $ $ $ $ 292,000 239,800 45,000 98,362 480,000 200,000 150,000 87,920 1,470,000 121,000 270,200 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.

Answer 1

ΜΟΝΤΟΥΑ Balance Sheet 12/31/2020 Assets Current assets: Cash Inventory Notes receivable Income taxes receivable Prepaid expenses Debt investments (trading) 360,000 239,800 445,700 97,630 87,920 121,000 1,352,050 480,000 1,369,800 1,178,000 3,027,800 Total current assets Property, plant and equipment: Land Buildings 1,640,000 Less: Accumulated depreciation-buildings 270,200 Equipment 1,470,000 Less: Accumulated depreciation-equip. 292,000 Intangile assets: Goodwill Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Payroll taxes payable Notes payable (to banks) Rent payable (short-term) Income taxes payable 125,000 4,504,850 $ 490,000 177,591 265,000 45,000 98,362 1,075,953 1,600,000 480,000 300,000 15,000 285,000 2,365,000 3,440,953 Total current liabilities Long-term -current liabilities: Notes payable (long-term) Rent payable (long-term) Bonds payable Less: Discount on bonds payable Total liabilities Stockholders' equity Common stock Preferred stock, $10 par; 20,000 shares authorised, 15,000 shares issued Common stock, $1 par, 400,000 shares authorised, 200,000 issued Retained earnings (Balancing figure) Total Stockholders' equity Total liabilities and stockholders' equity Please give as many likes for the hard work. 150,000 200,000 350,000 713,897 1,063,897 4,504,850 $