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.)

Explanation / Answer

Answer:

Monotoya Inc. Balance sheet For the Current year 2014 Assets: Current Assets: Cash 363880 Equity investment (Trading) 124880 Notes receivable 449580 Income taxes receivable 101510 Inventory 243680 Prepaid expenses 91800 Total current assets 1375330 Property,Plant and equipment Land 483880 Building 1643880 Less: Accumulated dep-Building 270527 1373353 Equipment 1473880 Less: Accumulated dep-equipment 292327 1181553 Intangible Assets: Goodwill 128880 Total Assets 4542996 Liabilities and stockholder's equity Current Liabilities: Accounts Payable 493880 Notes payable to banks 268880 Payroll taxes Payable 128880 Income tax Payable 102242 Rent payable-Short term 48880 Total Current Liabilities 1042762 Long term liabilities: Unsecured Notes Payable (Long term) 1603880 Bonds Payable 303880 Less: Discount on bonds payable 15327 288553 Rent Payable-Long term 483880 Total liabilities 3419075 Shareholder's equity Capital stock: Preferred stock,$10 par,20000 shares authorized,15000 shares issued 153880 Common stock,$1 par,400000 shares authorized,200000 shares issued 203880 Retained earnings 766161 Total stockholder equity 1123921 Total liabilities and stockholder equity 4542996

Related Questions

Navigate

• Browse (All)
• Browse P
• Subjects

---

---

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