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 Payable177,591Inventory239,800Bonds Payable300,000Rent Payable – Short-term45,000Discount on Bonds Payable15,000Income Tax Payable98,362Cash360,000Rental Expense Long-term480,000Land480,000Common Stock, $1 Par Value200,000Notes Receivable445,700Preferred Stock, $10 Par Value150,000Notes Payable to Banks265,000Prepaid Expenses87,920Accounts Payable490,000Equipment1,470,000Retained Earnings?Equity Investments (Trading)121,000Income Taxes Receivable97,630Accumulated Depreciation – Buildings270,200Unsecured Notes Payable (Long-term)1,600,000Buildings1,640,000InstructionsPrepare 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.
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