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Prepare classified balance sheet in good form

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Question - Presented below are a number of balance sheet items for Nash, Inc. for the current year, 2020.

Goodwill $128,190

Accumulated Depreciation-Equipment $292,170

Payroll Taxes Payable 180,781

Inventory 242,990

Bonds payable 303,190

Rent payable (short-term) 48,190

Discount on bonds payable 15,170

Income taxes payable 101,552

Cash 363,190

Rent payable (long-term) 483,190

Land 483,190

Common stock, $1 par value 203,190

Notes receivable 448,890

Preferred stock, $10 par value 153,190

Notes payable (to banks) 268,190

Prepaid expenses 91,110

Accounts payable 493,190

Equipment 1,473,190

Retained earnings ?

Debt investments (trading) 124,190

Income taxes receivable 100,820

Accumulated Depreciation-Buildings 270,370

Notes payable (long-term) 1,603,190

Buildings 1,643,190

Required - Prepare 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.

Reference no: EM132639487

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