Presented below are a number of balance sheet items for Montoya, Inc., for the c
ID: 2565448 • Letter: P
Question
Presented below are a number of balance sheet items for Montoya, Inc., for the current year, 2017. Goodwill $124,700 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 365,000 Rent payable (long-term) 480,000 Land 483,000 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) 1,660,000 Building 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 debt investments (trading) are the same. Presented below are a number of balance sheet items for Montoya, Inc., for the current year, 2017. Goodwill $124,700 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 365,000 Rent payable (long-term) 480,000 Land 483,000 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) 1,660,000 Building 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 debt investments (trading) are the same.Explanation / Answer
Montoya, Inc. Balance Sheet 31-Dec-17 Assets Amount (in $) Current Assets Cash 365,000 Debt Investments (classified as Trading) 121,000 Notes Receivable 445,700 Income Taxes Receivable 97,630 Inventory 239,800 Prepaid Expenses 87,920 Total Current Assets (A) 1,357,050 Non-current Assets Property, Plant and Equipment Land 483,000 Equipment 1,470,000 less: Accumulated Depreciation on Equipments (292,000) 1,178,000 Building 1,640,000 less: Accumulated Depreciation on Building (270,200) 1,369,800 Intangible Assets Goodwill 124,700 Total Non-current Assets (B) 3,155,500 Total Assets (A+B) 4,512,550 Liabilities and Shareholder's Equity Current Liabilities Payroll Taxes Payable 177,591 Rent Payable (Short-Term) 45,000 Notes Payable (to Banks) 265,000 Income Tax Payable 98,362 Accounts Payable 490,000 Total Current Liabilities (C) 1,075,953 Non-current Liabilities Notes Payable (Long-Tem) 1,660,000 Bonds Payable 300,000 less: Discount on Bonds Payable (15,000) 285,000 Rent Payable (Long-term) 480,000 Total Non-Current Liabilities (D) 2,425,000 Shareholder's Equity Common Stock at $1 par value Authorised 400,000 Issued 200,000 200,000 Preferred Stock at $10 par value Authorised 20,000 Issued 15,000 150,000 Retained Earnings (Note-1) 661,597 Total Shareholder's Equity (E) 1,011,597 Total Liabilities and Shareholder's Equity (C+D+E) 4,512,550 Note-1 Calculation of Retained Earnings Total Assets (A+B) 4,512,550 Total Liabilities (C+D) 3,500,953 Shareholder's Equity 350,000 Retained Earnings 661,597
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