Answer:
Montoya, Inc.
Balance Sheet
As of December 31, 2014:
Assets:
Current Assets:
Cash $362,970
Notes receivable 448,670
Inventory 242,770
Prepaid expenses 90,890
Total current Assets $1,145,300
Equipment 1,472,970
Accumulated
Depreciation 292,260 1,180,710
Land 482,970
Goodwill 127,970
Total long-term assets $1,791,650
Total assets $2,936,950
Liabilities + Equity:
Current Liabilities:
Accounts payable 492,970
Payroll Taxes Payable 180,561
Income taxes payable 101,332
Rent payable (short-term) 47,970
Discount on bonds payable 15,260
Notes payable (to banks) 267,970
Total current liabilities $1,106,063
Rent payable (long-term) 482,970
Bonds payable 302,970
Total long-term liabilities $785,940
Total liabilities $1,892,003
EQUITY:
Common stock, 400,000 authorized, $1 par value
202,970 issued 202,970
Preferred stock, 200,000 authorized, $10 par value
15,297 issued 152,970
Retained earnings 689,007
Total Equity $1,044,947
Total liabilities and equity $2,936,950
Explanation:
a) Data and Calculations:
Cash $362,970
Notes receivable 448,670
Inventory 242,770
Prepaid expenses 90,890
Equipment 1,472,970
Land 482,970
Goodwill 127,970
Accumulated Depreciation-Equipment $292,260
Accounts payable 492,970
Payroll Taxes Payable 180,561
Income taxes payable 101,332
Rent payable (short-term) 47,970
Discount on bonds payable 15,260
Notes payable (to banks) 267,970
Rent payable (long-term) 482,970
Bonds payable 302,970
Common stock, $1 par value 202,970
Preferred stock, $10 par value 152,970
Retained earnings 689,007
Total $3,229,210 $3,229,210
