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Montoya, Inc. - Balance Sheet Preparation - 1 Mar, 2012

P5-2 (Balance Sheet Preparation) Presented below are a number of balance sheet items for Montoya, Inc., for the current year, 2010.

 

Goodwill $125,000

Accumulated Depreciation - Equipment $292,000

Payroll Taxes Payable 177,591

Inventories 239,800

Bonds Payable 300,000

Rent Payable - Short-term 45,000

Discount on Bonds Payable 15,000

Taxes Payable 98,362

Cash 360,000

Long-term Rental Obligations 480,000

Land 480,000

Common Stock, $1 Par Value 200,000

Notes Receivable 445,700

Preferred Stock, $10 Par Value 150,000

Notes Payable to Banks 265,000

Prepaid Expenses 87,920

Accounts Payable 490,000

Equipment 1,470,000

Retained Earnings ?

Trading Securities 121,000

Income Taxes Receivable 97,630

Accumulated Depreciation - Building 270,200

Unsecured Notes Payable (Long-term) 1,600,000

Building 1,640,000

 

Instructions:

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 marketable securities are the same.



Category : Financial Accounting

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Answer  - 1 Mar, 2012
Please see the attachment....


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