Presented below are a number of balance sheet items for Tamarisk, Inc. for the current year, 2020. Goodwill $27,340 Accumulated Depreciation-Equipment $292,490
Payroll Taxes Payable 179,931 Inventory 242,140
Bonds payable 302,340 Rent payable (short-term) 47,340
Discount on bonds
payable 15,490 Income taxes payable 100,702
Cash 362,340 Rent payable (long-term) 482,340
Land 482,340 Common stock, $1 par value 202,340
Notes receivable 448,040 Preferred stock, $10 par value 152,340
Notes payable (to
banks) 267,340 Prepaid expenses 90,260
Accounts payable 492,340 Equipment 1,472,340
Retained earnings ? Equity investments (trading) 123,330
Income taxes receivable 99,960 Accumulated Depreciation-Buildings 270,446
Notes payable
(long-term) 1,602,330 Buildings 1,642,330
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.

Tamarisk, Inc.

Classified Balance Sheet

As of December 31, 2020:

ASSETS:

Current Assets:

Cash                                     $362,340

Equity investments (trading)  123,330

Notes receivable                    448,040

Income taxes receivable         99,960

Inventory                                 242,140

Prepaid expenses                   90,260

Total current assets                                  $1,366,070

Equipment         1,472,340

Accumulated

Depreciation    (292,490)   1,179,850  

Buildings           1,642,330

Accumulated

Depreciation     (270,446 )  1,371,884

Land                                      482,340

Goodwill                                  27,340

Total long-term assets                             $3,061,414

Total assets                                             $4,427,484

LIABILITIES

Current Liabilities

Accounts payable               492,340

Payroll Taxes Payable          179,931

Income taxes payable         100,702

Rent payable (short-term)     47,340

Discount on bonds  payable  15,490

Notes payable (to  banks)   267,340

Total current liabilities                             $1,103,143

Bonds payable                       302,340

Rent payable (long-term)      482,340

Notes payable  (long-term) 1,602,330

Total long-term liabilities                      $2,387,010

Total Liabilities                                      $3,490,153

EQUITY

Common stock, 400,000 shares authorized

Issued, 202,340 shares at

$1 par value                      202,340

Preferred stock, 200,000 shares authorized

Issued, 15,234 shares at

$10 par value                    152,340

Retained earnings            582,651

Total Equity                                                $937,331

Total liabilities & Stockholders' equity $4,427,484

Explanation:

a) Data:

Account Title                            Debit        Credit

Cash                                     $362,340

Equity investments (trading)  123,330

Notes receivable                    448,040

Income taxes receivable         99,960

Inventory                                 242,140

Prepaid expenses                   90,260

Equipment                           1,472,340

Accumulated Depreciation-Equipment    $292,490  

Buildings                             1,642,330

Accumulated Depreciation-Buildings         270,446

Land                                      482,340

Goodwill                                  27,340

Accounts payable                                       492,340

Payroll Taxes Payable                                  179,931

Income taxes payable                                 100,702

Rent payable (short-term)                            47,340

Discount on bonds  payable                         15,490

Notes payable (to  banks)                          267,340

Bonds payable                                          302,340

Rent payable (long-term)                         482,340

Notes payable  (long-term)                    1,602,330

Common stock, $1 par value                  202,340

Preferred stock, $10 par value                152,340

Retained earnings                                   582,651

Total                             $4,990,420  $4,990,420

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