Answer:
BALANCE SHEET
ASSETS
Non_Current Assets $3,719,500
Property, Plant and Equipment $3,027,800
Buildings 1640000
Accumulated depreciation - 270200
Carrying Value 1,369,800
Land 480,000
Equipment 1470000
Accumulated depreciation -292000
Carrying value 1,178,000
Debt Investment $ 121,000
Goodwill $ 125,000
Notes receivable $ 445,700
Current Assets $839,350
Inventory $293,800
Prepaid expense $87,920
Cash $360,000
Income taxes receivable $97,630
Total Assets $4,558,850
EQUITY AND LIABILITIES
EQUITY
Common stock $200,000
Retained earnings(loss) - $612,102
Preferred stock(10*150000) $1,500,000
Equity and reserves $1,087,898
LIABILITIES
Non_current liabilities $2,380,000
Bonds payable $300,000
Rent Payable $480,000
Notes Payable $1,600,000
Current Liabilities $1,090,952
Accounts payable $490,000
Payroll taxes payable $177,591
Rent payable $45,000
Discount on bond payable $15,000
Income taxes payable $98,362
Notes payable $265,000
Total equity and liabilities $4,558,850
Retained earnings is the balancing figure
Explanation:
The question is incomplete. Here is the additional information
P5-2 (LO3) EXCEL (Balance Sheet Preparation) Presented below are a number of balance sheet items for Montoya, Inc., for the current year, 2017. Goodwill $ 125,000 Accumulated depreciation—equipment $ 292,000 Payroll taxes payable 177,591 Inventory 239,800 Bonds payable 300,000 Rent payable (short-term) 45,000 Discount on bonds payable 15,000 Income taxes payable 98,362 Cash 360,000 Rent payable (long-term) 480,000 Land 480,000 Common stock, $1 par value 200,000 Notes receivable 445,700 Preferred stock, $10 par value 150,000 Notes payable (to banks) 265,000 Prepaid expenses 87,920 Accounts payable 490,000 Equipment 1,470,000 Retained earnings ? Debt investments (trading) 121,000 Income taxes receivable 97,630 Accumulated depreciation—buildings 270,200 Notes payable (long-term) 1,600,000 Buildings 1,640,000 Instructions 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 equity investments (trading) are the same.
