ACCT 2000 Lecture : Accounting Notes Chap 1
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Problem 5-2
Presented below are a number of balance sheet items for Montoya,Inc., for the current year, 2014.
Goodwill | $ 127,330 | Accumulated Depreciation-Equipment | $ 292,246 | |||
Payroll Taxes Payable | 179,921 | Inventory | 242,130 | |||
Bonds payable | 302,330 | Rent payable (short-term) | 47,330 | |||
Discount on bonds payable | 15,246 | Income taxes payable | 100,692 | |||
Cash | 362,330 | Rent payable (long-term) | 482,330 | |||
Land | 482,330 | Common stock, $1 par value | 202,330 | |||
Notes receivable | 448,030 | Preferred stock, $10 par value | 152,330 | |||
Notes payable (to banks) | 267,330 | Prepaid expenses | 90,250 | |||
Accounts payable | 492,330 | Equipment | 1,472,330 | |||
Retained earnings | ? | Equity investments (trading) | 123,330 | |||
Income taxes receivable | 99,960 | Accumulated Depreciation-Buildings | 270,446 | |||
Notes payable (long-term) | 1,602,330 | Buildings | 1,642,330 |
Prepare a classified balance sheet in good form. Common stockauthorized was 400,000 shares, and preferred stock authorized was20,000 shares. Assume that notes receivable and notes payable areshort-term, unless stated otherwise. Cost and fair value of equityinvestments (trading) are the same. (List CurrentAssets in order of liquidity. List Property, Plant and Equipment inorder of Land, Building and Equipment.)
Presented below are a number of balance sheet items for Montoya,Inc., for the current year, 2014.
Goodwill | $ 126,540 | Accumulated Depreciation-Equipment | $ 292,431 | |||
Payroll Taxes Payable | 179,131 | Inventory | 241,340 | |||
Bonds payable | 301,540 | Rent payable (short-term) | 46,540 | |||
Discount on bonds payable | 15,431 | Income taxes payable | 99,902 | |||
Cash | 361,540 | Rent payable (long-term) | 481,540 | |||
Land | 481,540 | Common stock, $1 par value | 201,540 | |||
Notes receivable | 447,240 | Preferred stock, $10 par value | 151,540 | |||
Notes payable (to banks) | 266,540 | Prepaid expenses | 89,460 | |||
Accounts payable | 491,540 | Equipment | 1,471,540 | |||
Retained earnings | ? | Equity investments (trading) | 122,540 | |||
Income taxes receivable | 99,170 | Accumulated Depreciation-Buildings | 270,631 | |||
Notes payable (long-term) | 1,601,540 | Buildings | 1,641,540 |
Prepare a classified balance sheet in good form. Common stockauthorized was 400,000 shares, and preferred stock authorized was20,000 shares. Assume that notes receivable and notes payable areshort-term, unless stated otherwise. Cost and fair value of equityinvestments (trading) are the same. (List CurrentAssets in order of liquidity. List Property, Plant and Equipment inorder of Land, Building and Equipment.)