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 1,376,000 292,000 780,0

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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
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