Question: presented below are a number of balance sheet items for...
Presented below are a number of balance sheet items for
Cheyenne, Inc., for the current year, 2017.
|Goodwill||$ 126,830||Accumulated Depreciation-Equipment||$ 292,290|
|Payroll Taxes Payable||179,421||Inventory||241,630|
|Bonds payable||301,830||Rent payable (short-term)||46,830|
|Discount on bonds payable||15,290||Income taxes payable||100,192|
|Cash||361,830||Rent payable (long-term)||481,830|
|Land||481,830||Common stock, $1 par value||201,830|
|Notes receivable||447,530||Preferred stock, $10 par value||151,830|
|Notes payable (to banks)||266,830||Prepaid expenses||89,750|
|Retained earnings||?||Debt investments (trading)||122,830|
|Income taxes receivable||99,460||Accumulated Depreciation-Buildings||270,490|
|Notes payable (long-term)||1,601,830||Buildings||1,641,830|
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 debt investments (trading) are the same. (List Current Assets in the order of liquidity. List Property, Plant and Equipment in order of Land, Building and Equipment.)