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.)
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.)
Related questions
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.)
Presented below is the trial balance of Scott Butler Corporationat December 31, 2014.
Debit | Credit | |||
Cash | $ 200,010 | |||
Sales | $ 8,101,320 | |||
Debt Investments (trading) (cost, $145,000) | 154,320 | |||
Cost of Goods Sold | 4,801,320 | |||
Debt Investments (long-term) | 302,010 | |||
Equity Investments (long-term) | 280,010 | |||
Notes Payable (short-term) | 91,320 | |||
Accounts Payable | 456,320 | |||
Selling Expenses | 2,001,320 | |||
Investment Revenue | 64,480 | |||
Land | 260,000 | |||
Buildings | 1,043,010 | |||
Dividends Payable | 139,010 | |||
Accrued Liabilities | 97,320 | |||
Accounts Receivable | 436,320 | |||
Accumulated Depreciation-Buildings | 152,000 | |||
Allowance for Doubtful Accounts | 26,320 | |||
Administrative Expenses | 901,480 | |||
Interest Expense | 212,480 | |||
Inventory | 600,010 | |||
Gain (extraordinary) | 81,480 | |||
Notes Payable (long-term) | 903,010 | |||
Equipment | 601,320 | |||
Bonds Payable | 1,003,010 | |||
Accumulated Depreciation-Equipment | 60,000 | |||
Franchises | 160,000 | |||
Common Stock ($5 par) | 1,001,320 | |||
Treasury Stock | 192,320 | |||
Patents | 195,000 | |||
Retained Earnings | 81,010 | |||
Paid-in Capital in Excess of Par | 83,010 | |||
| Totals | $12,340,930 | $12,340,930 |
Prepare a balance sheet at December 31, 2014, for Scott ButlerCorporation. (Ignore income taxes). (List CurrentAssets in order of liquidity. List Property, Plant and Equipment inorder of Land, Building and Equipment. Enter account name only anddo not provide the descriptive information provided in thequestion.)
