Below are a number of balance sheet items for Letterman, forteh current year 200

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Below are a number of balance sheet items for Letterman, forteh current year 2007 Goodwill                                                      125,000 Payroll taxespayable                                    177,591 bondspayable                                             300,000 discount on bondspayable                           15,000 cash                                                             360,000 land                                                               480,000 notesreceivable                                            545,700 notes payable tobanks                                 265,000 accountspayable                                          590,000 retainedearnings                                               ? income taxesreceivable                                    97,630 unsecured notes payable(longterm)                  1,600,000 accumulateddepreciation-equipment                292,000 inventories                                                      239,800 rentpayable-short-term                                   45,000 taxespayable                                                  98,362 long-term rentalobligations                              480,000 common stock, $1 parvalue                                 200,000 preferred stock, $10 parvalue                          150,000 prepaidexpenses                                              87,920 equipment                                                        1,470,000 tradingsecurities                                                   121,000 accumulateddepreciation-building                                   170,200 building                                                             1,640,000 Instructions: Prepare a classified balance sheet in good form. commonstock authorized was 400,000 shares, and preferred stock authorizedwas 20,000 shares. Assume that ntes receivable and notespayable are short-term, unless stated otherwise. Cost andfair value of trading securities are the same. Below are a number of balance sheet items for Letterman, forteh current year 2007 Goodwill                                                      125,000 Payroll taxespayable                                    177,591 bondspayable                                             300,000 discount on bondspayable                           15,000 cash                                                             360,000 land                                                               480,000 notesreceivable                                            545,700 notes payable tobanks                                 265,000 accountspayable                                          590,000 retainedearnings                                               ? income taxesreceivable                                    97,630 unsecured notes payable(longterm)                  1,600,000 accumulateddepreciation-equipment                292,000 inventories                                                      239,800 rentpayable-short-term                                   45,000 taxespayable                                                  98,362 long-term rentalobligations                              480,000 common stock, $1 parvalue                                 200,000 preferred stock, $10 parvalue                          150,000 prepaidexpenses                                              87,920 equipment                                                        1,470,000 tradingsecurities                                                   121,000 accumulateddepreciation-building                                   170,200 building                                                             1,640,000 Instructions: Prepare a classified balance sheet in good form. commonstock authorized was 400,000 shares, and preferred stock authorizedwas 20,000 shares. Assume that ntes receivable and notespayable are short-term, unless stated otherwise. Cost andfair value of trading securities are the same.

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