Business, 30.03.2021 20:00 AutumnJoy12

Presented below are a number of balance sheet items for Montoya, Inc. for the current year, 2020. Goodwill $125,000
Accumulated Depreciation-Equipment $292,000
Payroll Taxes Payable 177,591
Inventory 239,800
Bonds payable 300,000
Rent payable (short-term) 45,000
Discount on bonds payable 15,000
Income taxes payable 98,362
Cash 360,000
Rent payable (long-term) 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
Debt investments (trading) 121,000
Accumulated depreciation - buildings 270,200
Buildings 1640000

Additional information is as follows:
• 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 debt investments (trading) are the same.

Required:
Prepare a classified balance sheet in good form. (round dollar amounts to the nearest cent with commas as needed)

Answers: 2

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Presented below are a number of balance sheet items for Montoya, Inc. for the current year, 2020. G...