Presented below are a number of balance sheet items for Montoya, Inc., for the current year, 2012.
|Payroll Taxes Payable||180,211||Inventory||242,420|
|Bonds payable||302,620||Rent payable (short-term)||47,620|
|Discount on bonds payable||15,465||Income tax payable||100,982|
|Cash||362,620||Rent payable (long-term)||482,620|
|Land||482,620||Common stock, $1 par value||202,620|
|Notes receivable||448,320||Preferred stock, $10 par value||152,620|
|Notes payable (to banks)||267,620||Prepaid expenses||90,540|
|Retained earnings||?||Equity investments (trading)||123,620|
|Income taxes receivable||100,250||Accumulated depreciationâ€”buildings||270,665|
|Unsecured notes payable (long-term)||1,602,620||Buildings||1,642,620|
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.
|Aero Inc. had the following balance sheet at December 31, 2011.
During 2012, the following occurred.