Solution-Prepare a classified balance sheet in good form

Prepare a classified balance sheet in good form

Reference no: EM131764241

Presented below are a number of balance sheet items for Teal, Inc., for the current year, 2017.

Goodwill	mce_markernbsp;128,780	Accumulated Depreciation-Equipment	mce_markernbsp;292,310
Payroll Taxes Payable	181,371	Inventory	243,580
Bonds payable	303,780	Rent payable (short-term)	48,780
Discount on bonds payable	15,310	Income taxes payable	102,142
Cash	363,780	Rent payable (long-term)	483,780
Land	483,780	Common stock, $1 par value	203,780
Notes receivable	449,480	Preferred stock, $10 par value	153,780
Notes payable (to banks)	268,780	Prepaid expenses	91,700
Accounts payable	493,780	Equipment	1,473,780
Retained earnings	?	Equity investments (trading)	124,780
Income taxes receivable	101,410	Accumulated Depreciation-Buildings	270,510
Notes payable (long-term)	1,603,780	Buildings	1,643,780

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. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Building and Equipment.)

Reference no: EM131764241

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Prepare a classified balance sheet in good form

Reference no: EM131764241

Reference no: EM131764241

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