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.)

MONTOYA, INC.
Balance Sheet
December 31, 2014

Assets

Liabilities and Stockholders' Equity

Goodwill $ 126,060 Accumulated Depreciation-Equipment $ 292,434 Payroll Taxes Payable 178,651 Inventory 240,860 Bonds payable 301,060 Rent payable (short-term) 46,060 Discount on bonds payable 15,434 Income taxes payable 99,422 Cash 361,060 Rent payable (long-term) 481,060 Land 481,060 Common stock, $1 par value 201,060 Notes receivable 446,760 Preferred stock, $10 par value 151,060 Notes payable (to banks) 266,060 Prepaid expenses 88,980 Accounts payable 491,060 Equipment 1,471,060 Retained earnings ? Equity investments (trading) 122,060 Income taxes receivable 98,690 Accumulated Depreciation-Buildings 270,634 Notes payable (long-term) 1,601,060 Buildings 1,641,060

Explanation / Answer

Montoya Inc Balance Sheet For the Period Ending 31 december 2014 2014 Assets Current Assets Cash $ 361,060.00 Notes Receivable                                     446,760.00 Inventory                                     240,860.00 Prepaid Expenses                                       88,980.00 Income Tax Receivable                                       98,690.00 Total Current Assets $                             1,236,350.00 Investments                                     122,060.00 Fixed Assets Land $                                481,060.00 Equipment                                 1,471,060.00 Accumulated Depreciation - Equipment                                     292,434.00 Building                                 1,641,060.00 Accumulated Depreciation - Building                                     270,634.00 Total Fixed Assets $                             3,030,112.00 Intangible assets Goodwill                                     126,060.00 Total Assets $                             4,514,582.00 Liabilities & Equity Current Liabilities Accounts Payable $                                491,060.00 Accrued Liabilities Note Payable (banks)                                     266,060.00 Payroll tax payable $                                178,651.00 Income Tax payable $                                   99,422.00                                       61,494.00 Total Current Liabilities $                             1,096,687.00 Long Term Liabilities Notes Payable $                             1,601,060.00 Rent Payable $                                481,060.00 Bond Payable                                     301,060.00 Total Long Term Liabilities $                             2,383,180.00 Total Liabilities $                             3,479,867.00 Stockholder Equity Common Stock Paid-In Capital (40000 shares authorised $                                201,060.00 at par vale $1 and 201060 issued) Preferred stock (20000 shares authorized                                     151,060.00 at par value $10 , 15106 stock issued_ Retained Earnings                                     682,595.00 Current Year Earnings Total Equity $                             1,034,715.00 Total Liabilities & Equity $                             4,514,582.00 Note other Current Liabilities= Discount on bonds payable, rent expense payable

Related Questions

Navigate

• Browse (All)
• Browse P
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.