Presented below are a number of balance sheet items for Montoya, Inc., for the c

Question

Presented below are a number of balance sheet items for Montoya, Inc., for the current year, 2014.

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. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Building and Equipment.)

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

Explanation / Answer

BALANCE SHEET Balance Sheet of Montaya Inc Particulars Note No Figures as at the end of current reporting period I. EQUITY AND LIABILITIES (1) Shareholder's Funds (a) Share Capital 1 $          600,000 (b) Reserves and Surplus - Balance 2 $          435,684 (c) Money received against share warrants 3 $                 -   (2) Share application money pending allotment $                 -   (3) Non-Current Liabilities (a) Long-term borrowings 4 $       2,384,620 (b) Deferred tax liabilities (Net) 5 $          179,863 (c) Other Long term liabilities (d) Long term provisions 6 $          563,062 (4) Current Liabilities (a) Short-term borrowings 7 $          313,080 (b) Trade payables 8 $          491,540 (c) Other current liabilities (d) Short-term provisions 9 $           15,431 Total $       4,983,280 II.Assets (1) Non-current assets (a) Fixed assets 10      (i) Tangible assets $       3,594,620      (ii) Intangible assets $          126,540      (iii) Capital work-in-progress      (iv) Intangible assets under development (b) Non-current investments 11 $          122,540 (c) Deferred tax assets (net) (d) Long term loans and advances (e) Other non-current assets (2) Current assets (a) Current investments (b) Inventories $          241,340 (c) Trade receivables (d) Cash and cash equivalents $          361,540 (e) Short-term loans and advances 12 $          536,700 (f) Other current assets Total $       4,983,280 Particulars Note Amount Equity Share capital 400000 shares of $ 1 each 1 $                     400,000 Preference share Capital of 20000 shares of $ 10 each $                     200,000 Total shareholders funds $                     600,000 Retained earnings 2 Balance Money received against share warrants 3 $                                -   Long-term borrowings 4 Bonds Payable $                     301,540 Notes Payable $                                -   Notes Payable long Term $                 1,601,540 Rent Payable - Long term $                     481,540 Total Long term Borrowings $                 2,384,620 Deferred tax liabilities (Net) 5 Payroll taxes payable $                     179,131 Income taxes recievable $                     (99,170) Income taxes payable $                       99,902 Total Tax Liability $                     179,863 Long term provisions 6 Accumilated depreciation - equipment $                     292,431 Accumilated depreciation - Buildings $                     270,631 Total Long term Provisions $                     563,062 Short-term borrowings 7 Notes Payable $                     266,540 Rent Payable $                       46,540 Total Short term borrowings $                     313,080 Trade payables 8 $                     491,540 Other short term Provisions ( Discount on bond ) 9 $                       15,431 Fixed Assets 10 Tangible Assets Land $                     481,540 Building $                 1,641,540 Equipment $                 1,471,540 Intangible Assets Goodwill $                     126,540 Total Assets $                 3,721,160 Non Current Investments 11 Equity Investments $                     122,540 Short term loans and Advances 12 Prepaid expenses $                       89,460 Notes Recivable $                     447,240 Total $                     536,700

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