29 Jun Question Presented below are a number of balance sheet ite
Question
Presented below are a number of balance sheet items for Montoya, Inc., for the current year, 2012.
Goodwill
$127,620
Accumulated depreciation—equipment
$292,465
Payroll Taxes Payable
180,211
Inventory
242,420
Bonds payable
302,620
Rent payable (short-term)
47,620
Discount on bonds payable
15,465
Income tax payable
100,982
Cash
362,620
Rent payable (long-term)
482,620
Land
482,620
Common stock, $1 par value
202,620
Notes receivable
448,320
Preferred stock, $10 par value
152,620
Notes payable (to banks)
267,620
Prepaid expenses
90,540
Accounts payable
492,620
Equipment
1,472,620
Retained earnings
?
Equity investments (trading)
123,620
Income taxes receivable
100,250
Accumulated depreciation—buildings
270,665
Unsecured notes payable (long-term)
1,602,620
Buildings
1,642,620
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
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