P5-2 Presented below are a number of balance sheet items for Montoya, Inc., for the current year, 2014.

Presented below are a number of balance sheet items for Montoya, Inc., for the current year, 2014.

P5-2 Presented below are a number of balance sheet items for Montoya, Inc., for the current year, 2014.

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 Tax Payable	98,362
Cash	360,000	Rental Expense 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
Retained Earnings	?	Equity Investments (Trading)	121,000
Income Taxes Receivable	97,630	Accumulated Depreciation - Buildings	270,200
Unsecured Notes Payable (Long-term)	1,600,000	Buildings	1,640,000

Instructions

Prepare a classified balance sheet in good form. Common stock authorized was400,000shares, 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.

TUTORIAL PREVIEW

MONTOYA, INC.
Balance Sheet
December 31, 2014
Assets
Current assets
Cash		$360,000
Equity Investments (Trading)		121,000
Notes Receivable		445,700
Income Taxes Receivable		97,630
Inventory		239,800
Prepaid Expenses		87,920
Total current assets			$1,352,050

 

File name: P5-2 Montoya.xls  File type: xls  PRICE: $10