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. Goodwill $ 126,450 Accumulated Depreciation-Equipment $ 292,279 Payroll Taxes Payable 179,041 Inventory 241,250 Bonds payable 301,450 Rent payable (short-term) 46,450 Discount on bonds payable 15,279 Income taxes payable 99,812 Cash 361,450 Rent payable (long-term) 481,450 Land 481,450 Common stock, $1 par value 201,450 Notes receivable 447,150 Preferred stock, $10 par value 151,450 Notes payable (to banks) 266,450 Prepaid expenses 89,370 Accounts payable 491,450 Equipment 1,471,450 Retained earnings ? Equity investments (trading) 122,450 Income taxes receivable 99,080 Accumulated Depreciation-Buildings 270,479 Notes payable (long-term) 1,601,450 Buildings 1,641,450 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.

Explanation / Answer

Ans) MONTOYA,INC. Balance Sheet Current Year,2014 ASSETS Current Assets Cash $                        361,450.00 Trading Securities $                        122,450.00 Notes Receivable $                        447,150.00 Income Tax Receivable $                          99,080.00 Inventories $                        241,250.00 Prepaid Expenses $                          89,350.00 Total Current Assets $      1,360,730.00 Fixed Assets Land $                        481,450.00 $         481,450.00 Building $                    1,641,450.00 Less: Accumulated Depreciation $                        270,479.00 $      1,370,971.00 Equipment $                    1,471,450.00 Less: Accumulated Depreciation $                        292,279.00 $      1,179,171.00 Intengible Assets Goodwill $                        126,450.00 $         126,450.00 Total Assets $      4,518,772.00 LIABILITIES and SHAREHOLDER's EQUITY Current Liabilities Accounts Payable $                        491,450.00 Notes Payable $                        266,450.00 Payroll taxes Payable $                        179,041.00 Taxes Payable $                          99,812.00 Rent Payable $                          46,450.00 Total Current Liabilities $      1,083,203.00 Long Term Liabilities Unsecured Notes Payable $                    1,601,450.00 $      1,601,450.00 Bonds Payable $                        301,450.00 $         301,450.00 Less: Discount on bonds Payable $                          15,279.00 $         286,171.00 Long term Rental Obligation $                        481,450.00 $         481,450.00 Total Liabilities $      3,753,724.00 Shareholder's Equity Capital Stock Preferred Stock 20,000 shares@10 (Authorised shares 20,000) Shares Issued $                        151,450.00 Common Stock @$1 (Authorised Shares 4,00,000) Shares Issued $                        201,450.00 Retained Earning $                        412,148.00 Total Stockholder's Equity $         765,048.00 Total Liabilities and stockholder's Equity $      4,518,772.00

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