Presented below are a number of balance sheet items for Tamarisk, Inc. for the current year, 2020. Goodwill Payroll Taxes Payable Bonds payable Discount on bonds payable Cash Land Notes receivable Notes payable (to banks) Accounts payable Retained earnings Income taxes receivable Notes payable (long-term) $ 128,190 Accumulated Depreciation-Equipment Inventory 303,190 Rent payable (short-term) Income taxes payable Rent payable (long-term) Common stock, $1 par value Preferred stock, $10 par value Prepaid expenses Equipment Debt investments (trading) Accumulated Depreciation-Buildings Buildings 180,781 15,170 363,190 483,190 448,890 268,190 493,190 ? 100,820 1,603,190 $ 292,170 242,990 48,190 101,552 483,190 203,190 153,190 91,110 1,473,190 124,190 270,370 1,643,190 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 debt investments (trading) are the same. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Building and Equipment.)

Presented below are a number of balance sheet items for Tamarisk, Inc. for the current year, 2020. Goodwill Payroll Taxes Payable Bonds payable Discount on bonds payable Cash Land Notes receivable Notes payable (to banks) Accounts payable Retained earnings Income taxes receivable Notes payable (long-term) $ 128,190 Accumulated Depreciation-Equipment Inventory 303,190 Rent payable (short-term) Income taxes payable Rent payable (long-term) Common stock, $1 par value Preferred stock, $10 par value Prepaid expenses Equipment Debt investments (trading) Accumulated Depreciation-Buildings Buildings 180,781 15,170 363,190 483,190 448,890 268,190 493,190 ? 100,820 1,603,190 $ 292,170 242,990 48,190 101,552 483,190 203,190 153,190 91,110 1,473,190 124,190 270,370 1,643,190 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 debt investments (trading) are the same. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Building and Equipment.)

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 9PB: Elegant Linens uses the balance sheet aging method to account for uncollectible debt on receivables....

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