Reference no: EM132763903
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
Problem 1: 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.
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