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Unformatted text preview: Problem 5-2, Page 1 of 4, 02/24/2010, 07:36:32 Name: Problem: P5-2, Balance Sheet Preparation Course: Date: Presented below are a number of balance sheet items for Montoya, Inc., for the current year, 2010. Goodwill $125,000 Accumulated Depreciation - Equipment Payroll Taxes Payable 177,591 Inventories Bonds Payable 300,000 Rent Payable - Short-term Discount on Bonds Payable 15,000 Taxes Payable Cash 360,000 Long-term Rental Obligations Land 480,000 Common Stock, $1 Par Value Notes Receivable 445,700 Preferred Stock, $10 Par Value Notes Payable to Banks 265,000 Prepaid Expenses Accounts Payable 490,000 Equipment Retained Earnings ? Trading Securities Income Taxes Receivable 97,630 Accumulated Depreciation - Building Unsecured Notes Payable (Long-term) 1,600,000 Building Instructions: Prepare a classified balance sheet in good form. Common stock authorized was 400,000 and preferred stock authorized was 20,000 shares. Assume that notes receivable and note payable are short-term, unless stated otherwise. Cost and fair value of marketable securities are the same.payable are short-term, unless stated otherwise....
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