Question

Presented are accounts from the adjusted trial balance of Montoya, Inc. at December 31, 2020.

Notes receivable is due in 8 months.Additional information:

1. Notes Payable – Farmers Merchants is due in 6 months.
2. Notes Payable – Home Savings is an installment note payable in ten annual installments of $160,000 each, with the first installment due next year.
3. Common Stock has a $1 par value, 1,000,000 shares authorized, 200,000 shares issued and outstanding.
4. Preferred Stock has a $10 par value, 100,000 shares authorized, 15,000 shares issued and outstanding.
5. No stock, common or preferred, was issued during the year.
6. Dividends were declared and paid to preferred stockholders

Prepare a classified balance sheet.

Prepare a statement of comprehensive income. Round EPS to 2 decimal places.

Prepare a statement of stockholders’ equity.

Credit Debit 360,000 121,000 17,000 446,000 97,000 리 4,000 78,000 6,000 87,000 480,000 44,000 200,000 1,376,000 292,000 780,000 410,000 310,000 93,000 221,000 11,000 리 KR DH Cash Trading Equity Securities (fair value, $138,000) Fair Value Adjustment - Trading Equity Securities Notes Receivables Accounts Receivables Allowance For Doubtful Accounts Inventory (net realizable value, $72,000) Allowance to Reduce Inventory to NRV Prepaid Expenses Available-for-sale Equity Securities (fair value, $436,000) Fair Value Adjustment - AFS Equity Securities Held-to-maturity Debt Securities (fair value, $184,000) Equipment Accumulated Depreciation - Equipment Copyrights (net of accumulated amortization) Land Investments Franchises (net of accumulated amortization) Cash Surrender Value of Life Insurance Policy Goodwill Deferred Income Tax Asset Accounts Payables Accrued Llabilities Income Tax Payables Bonds Payable Discount on Bonds Payablex Notes Payable-Farmers Merchants Notes Payable Home Savings Common Stock Preferred Stock Pald-In Capital In Excess of Par-Common Stock Pald-In Capital In-Excess of Par-Preferred Stock Accumulated Other Comprehensive-LOSS Retained Earnings Dividends Sales Sales Returns and Allowances Sales Discounts Gain on Sale of Securities Gain on Retirement of Bonds Cost of Goods Sold Selling Expenses General and Administrative Expenses Interest Expenses Income Tax Expenses Loss due to Decline of Inventory to NRV. Loss on Impairment of Goodwill 112,000 177,000 98,000 1,045,000 15,000 2 22,000 1,600,000 200,000 150,000 400,000 250,000 9,000 274,000 57,000 10,613,000 리 239,000 44,000 388,000 110,000 6,430,000 787,000 1,900,000 548,000 176,000 6,000 43,000 리 지리 7 Loss from Flood Damager Restructuring Charges Unrealized Holding Gain-Trading Equity Securities Unrealized Holding Loss - AFS Equity Securities Deferred Income Tax Benefits 138,000 290,000 17,000 44,000 11,000 15,813,000 15,813,000

Answer 1

Comprehensive income statement for Montoya Inc for the period ended on december 31st, 2020
Particulars	Amount	Amount	Particulars	Amount	Amount
Cost of Goods Sold		6430000	Sales	10613000
Selling Expenses		787000	(Less)
General and Administrative expenses		1900000	Sales Returns and Allowances	239000
Interest Expenses		548000	Sales Discounts	44000	10330000
Income Tax Expenses		176000
Loss due to Decline of inventory to NRV		6000	Gain on sale of securities		388000
Loss in Impairment of Goodwill		43000	Gain on Retirement of bonds		110000
Dividends		57000	Unrealized holding gain: trading Equity Securities		17000
Loss from Flood Damage		138000	Deffered income tax Benefits		11000
Restructuring Charge		290000
Unrealized holding loss: AFS Equity Securities		44000
Net profit		437000
		10856000			10856000
Balance Sheet of Montoya,Inc as on December 31st, 2020
Particulars	Amount	Amount	Amount	Particulars	Amount	Amount	Amount
Owners Funds				Fixed Assets
Common Stock				Long term
(Fave Value - 1)				Tangible Assets
Authorised Shares	1000000			Land Investments		410000
Issued Shares	200000	200000		Equipment	1376000
Preferred Stock				Less - Depreciation	292000	1084000
(Fave Value - 10)				Franchises		310000	1804000
Authorised Shares	100000			Intangible Assets
Issued Shares	15000	150000		Copyrights		780000
Share premium				Goodwill		221000	1001000
in excess of par common stock	400000			Trade receivables - Long term
in excess of par preferred stock	250000	650000		Accounts Receivable	97000
Retained Earnings		274000		Allowance for Doubtful Accounts	4000	93000	93000
Accumulated other comprehensive loss	-9000			Trade receivables - Short term
Comprehensive for year	437000	428000	1702000	Notes Receivable		446000	446000
				Current Assets
Long term liablities				Cash		360000
Home savings - payable		1440000	1440000	Trading Equity Securities
Short term liablities				(Fair Value - 138000)	121000
Accounts Payable		112000		Fair Value Adsjustment	17000	138000
Accrued Liabilities		177000		Inventory	78000	Add a comment Know the answer? Add Answer to: Presented are accounts from the adjusted trial balance of Montoya, Inc. at December 31, 2020. Notes... Your Answer: Post as a guest Your Name: What's your source? Earn Coins Coins can be redeemed for fabulous gifts. Log In Sign Up Post as anonymous Post Your Answer Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free. Similar Homework Help Questions Presented is the adjusted trial balance of Scott Butler Corporation at December 31, 2020. Debit Credit... Presented is the adjusted trial balance of Scott Butler Corporation at December 31, 2020. 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