Reference no: EM132747042

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

Goodwill $127,990

Accumulated Depreciation-Equipment $292,160

Payroll Taxes Payable 180,581

Inventory 242,790

Bonds payable 302,990

Rent payable (short-term) 47,990

Discount on bonds payable 15,160

Income taxes payable 101,352

Cash 362,990

Rent payable (long-term) 482,990

Land 482,990

Common stock, $1 par value 202,990

Notes receivable 448,690

Preferred stock, $10 par value 152,990

Notes payable (to banks) 267,990

Prepaid expenses 90,910

Accounts payable 492,990

Equipment 1,472,990

Retained earnings ?

Debt investments (trading) 123,990

Income taxes receivable 100,620

Accumulated Depreciation-Buildings 270,360

Notes payable (long-term) 1,602,990

Buildings 1,642,990

Required - What is the 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.