P5-2 (LO3) EXCEL (Balance Sheet Preparation) Presented below are a number of balance sheet items for Montoya, Inc., for the current year, 2017. elanA awol rles to tnamsisi2 lo noldssgar T5Yo lo bns bns gm $ 125,000 177,591 300,000 15,000 Accumulated depreciation-equipment Inventory Rent payable (short-term) $ 292,000 239,800 45,000 Goodwill Payroll taxes payable Bonds payable Discount on bonds payable enne Income taxes payable 98,362 480,000 200,000 a 150,000 Rent payable (long-term) Common stock, $1 par value Preferred stock, $10 par value Prepaid expenses Equipment Debt investments (trading) 360,000 480,000 Cash Land Notes receivable 445,700 265,000 490,000 E Notes payable (to banks) Accounts payable Retained earnings 87,920 1,470,000 121,000 270,200 1,640,000 000 97,630 08A Accumulated depreciation-buildings 1,600,000 Income taxes receivable Notes payable (long-term) Buildings 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 equity investments (trading) are the same.

P5-2 (LO3) EXCEL (Balance Sheet Preparation) Presented below are a number of balance sheet items for Montoya, Inc., for the current year, 2017. elanA awol rles to tnamsisi2 lo noldssgar T5Yo lo bns bns gm $ 125,000 177,591 300,000 15,000 Accumulated depreciation-equipment Inventory Rent payable (short-term) $ 292,000 239,800 45,000 Goodwill Payroll taxes payable Bonds payable Discount on bonds payable enne Income taxes payable 98,362 480,000 200,000 a 150,000 Rent payable (long-term) Common stock, $1 par value Preferred stock, $10 par value Prepaid expenses Equipment Debt investments (trading) 360,000 480,000 Cash Land Notes receivable 445,700 265,000 490,000 E Notes payable (to banks) Accounts payable Retained earnings 87,920 1,470,000 121,000 270,200 1,640,000 000 97,630 08A Accumulated depreciation-buildings 1,600,000 Income taxes receivable Notes payable (long-term) Buildings 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 equity investments (trading) are the same.

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter9: Metric-analysis Of Financial Statements

Section: Chapter Questions

Problem 9.23E: Unusual income statement items Assume that the amount of each of the following items is material to...

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E5-2 (L02,3) (Classification of Balance Sheet Accounts) Presented below are the captions of Faulk Company’s balancesheet.(a) Current assets.(b) Investments.(c) Property, plant, and equipment.(d) Intangible assets.(e) Other assets.Instructions(f) Current liabilities.(g) Noncurrent liabilities.(h) Capital stock.(i) Additional paid-in capital.(j) Retained earnings.Indicate by letter where each of the following items would be classified.1. Preferred stock.2. Goodwill.3. Salaries and wages payable.4. Accounts payable.5. Buildings.6. Equity investments (trading).7. Current maturity of long-term debt.8. Premium on bonds payable.9. Allowance for doubtful accounts.10. Accounts receivable.11. Cash surrender value of life insurance.12. Notes payable (due next year).13. Supplies.14. Common stock.15. Land.16. Bond sinking fund.17. Inventory.18. Prepaid insurance.19. Bonds payable.20. Income taxes payable.
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