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
Retained earnings ?
Retained earnings ?Debt investments (trading) 121,000Income taxes receivable 97,630Accumulated depreciation-buildings 270,200Notes payable (long-term) 1,600,000Buildings 1,640,000
Required:
Required:1. Prepare a classified balance sheet in good form.

MONTOYA, INC.  

                                     Balance Sheet  

                               December 31, 2017  

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  

Property, plant, and equipment  

Land                                                             480,000  

Buildings                              $1,640,000  

Less: Accum Deprec - Buildings270,200          1,369,800  

Equipment                                    1,470,000  

Less: Accum Deprec - Equipment292,000                  1,178,000  

                                                                                              3,027,800

Intangible assets  

Goodwill                                                         125,000  

Total assets                                                                          $4,504,850  

Liabilities and Shareholders’ Equity

Current liabilities  

Accounts Payable                                      $490,000  

Notes Payable to Banks                    265,000  

Payroll Taxes Payable                                  177,591  

Income Tax Payable                                 98,362  

Rent Payable - Short-term                         45,000  

Total current liabilities                                                          $1,075,953  

Long-term liabilities  

Unsecured Notes Payable (Long-term)  1,600,000  

Bonds Payable                             $300,000  

Less: Discount on Bonds Payable15,000    285,000  

Rental Payable Long-term                            480,000  2,365,000

Total liabilities                                                                    3,440,953

Shareholders’ equity

Capital Stock  

Preferred stock, $10 par; 20,000 shares authorized, 15,000 shares issued 150,000  

Common stock, $1 par; 400,000 shares authorized, 200,000 issued   200,000350,000  

Retained Earnings ($1,063,897 - $350,000)713,897  

Total shareholders’ equity ($4,504,850 – $3,440,953)1,063,897  

Total liabilities and shareholders’ equity$4,504,850    

Computation of Retained earnings:  

Accounting Equation  

Total assets$4,504,850  

Less: Liabilities3,440,953  

Less: Contributed capital350,000  

Retained earnings$713,897  

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