Reference no: EM132848575
Question - Presented below are a number of balance sheet items for Roma, Inc., for the current year, 2020.
Goodwill $210,000
Accumulated depreciation-equipment $467,000
Payroll taxes payable 65,300
Inventory 398,600
Bonds payable 500,000
Rent payable (short-term) 40,000
Discount on bonds payable 35,000
Income tax payable 110,800
Cash 61,000
Rent payable (long-term) 80,000
Land 351,000
Common stock, $1 par value 250,000
Notes receivable 160,500
Preferred stock, $25 par value 1,250,000
Notes payable (to banks) 264,900
Prepaid expenses 68,760
Accounts payable 347,000
Equipment 1,386,000
Retained earnings ?
Equity investments (trading) 375,000
Income taxes receivable 45,600
Accumulated depreciation-buildings 361,200
Unsecured notes payable (long-term) 1,300,000
Buildings 2,800,000
Instructions - Prepare a classified balance sheet in good form. Common stock authorized was 1,000,000 shares, and preferred stock authorized was 50,000 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.
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