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Question (Category: accounting homework)
br presented below are a number of balance sheet items for montoya, inc., for the current year, 2010. br br goodwill $125,000 accumulated depreciation - equipment $292,000 br payroll taxes payable 177,591 inventories 239,800 br bonds payable 300,000 rent payable - short-term 45,000 br discount on bonds payable 15,000 taxes payable 98,362 br cash 360,000 long-term rental obligations 480,000 br land 480,000 common stock, $1 par value 200,000 br notes receivable 445,700 preferred stock, $10 par value 150,000 br notes payable to banks 265,000 prepaid expenses 87,920 br accounts payable 490,000 equipment 1,470,000 br retained earnings ? trading securities 121,000 br income taxes receivable 97,630 accumulated depreciation - building 270,200 br unsecured notes payable (long-term) 1,600,000 building 1,640,000 br br instructions: br prepare a classified balance sheet in good form. common stock authorized was 400,000 shares, br and preferred stock authorized was 20,000 shares. assume that notes receivable and notes br payable are short-term, unless stated otherwise. cost and fair value of marketable securities are the same. br br montoya, inc. br balance sheet br december 31, 2010 br assets br current assets br cash $360,000 br trading securities 121,000 br notes receivable 445,700 br income taxes receivable 97,630 br inventories 239,800 br prepaid expenses 87,920 br total current assets $1,352,050 br br property, plant, and equipment br land 480,000 br building $1,640,000 br accumulated depreciation - building 270,200 1,369,800 br equipment 1,470,000 br accumulated depreciation - equipment 292,000 1,178,000 br 3,027,800 br intangible assets br goodwill 125,000 br total assets $4,504,850 br br liabilities and stockholdersampacirc

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