Montoya, Inc and AERO INC_ Financial statements
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July 16, 2020Montoya, Inc and AERO INC_ Financial statements
Presented below are a number of balance sheet items for Montoya, Inc., for the current year, 2012.
| Goodwill | $127,620 | Accumulated depreciation—equipment | $292,465 | |||
| 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 | |||
| Accounts payable | 492,620 | Equipment | 1,472,620 | |||
| Retained earnings | ? | Equity investments (trading) | 123,620 | |||
| Income taxes receivable | 100,250 | Accumulated depreciation—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.
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Aero Inc. had the following balance sheet at December 31, 2011.
During 2012, the following occurred.
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