Answer:
Tamarisk, Inc.
Classified Balance Sheet
As of December 31, 2020:
ASSETS:
Current Assets:
Cash $362,340
Equity investments (trading) 123,330
Notes receivable 448,040
Income taxes receivable 99,960
Inventory 242,140
Prepaid expenses 90,260
Total current assets $1,366,070
Equipment 1,472,340
Accumulated
Depreciation (292,490) 1,179,850
Buildings 1,642,330
Accumulated
Depreciation (270,446
) 1,371,884
Land 482,340
Goodwill 27,340
Total long-term assets $3,061,414
Total assets $4,427,484
LIABILITIES
Current Liabilities
Accounts payable 492,340
Payroll Taxes Payable 179,931
Income taxes payable 100,702
Rent payable (short-term) 47,340
Discount on bonds payable 15,490
Notes payable (to banks) 267,340
Total current liabilities $1,103,143
Bonds payable 302,340
Rent payable (long-term) 482,340
Notes payable (long-term) 1,602,330
Total long-term liabilities $2,387,010
Total Liabilities $3,490,153
EQUITY
Common stock, 400,000 shares authorized
Issued, 202,340 shares at
$1 par value 202,340
Preferred stock, 200,000 shares authorized
Issued, 15,234 shares at
$10 par value 152,340
Retained earnings 582,651
Total Equity $937,331
Total liabilities & Stockholders' equity $4,427,484
Explanation:
a) Data:
Account Title Debit Credit
Cash $362,340
Equity investments (trading) 123,330
Notes receivable 448,040
Income taxes receivable 99,960
Inventory 242,140
Prepaid expenses 90,260
Equipment 1,472,340
Accumulated Depreciation-Equipment $292,490
Buildings 1,642,330
Accumulated Depreciation-Buildings 270,446
Land 482,340
Goodwill 27,340
Accounts payable 492,340
Payroll Taxes Payable 179,931
Income taxes payable 100,702
Rent payable (short-term) 47,340
Discount on bonds payable 15,490
Notes payable (to banks) 267,340
Bonds payable 302,340
Rent payable (long-term) 482,340
Notes payable (long-term) 1,602,330
Common stock, $1 par value 202,340
Preferred stock, $10 par value 152,340
Retained earnings 582,651
Total $4,990,420 $4,990,420
