Question

Problem 5-2 Presented below are a number of balance sheet items for Montoya, Inc., for the current year, 2017. Goodwill Payroll Taxes Payable Bonds payable Discount on bonds payable Cash Land Notes receivable Notes payable (to banks) Accounts payable Retained earnings Income taxes receivable Notes payable (long-term) $125,000 Accumulated Depreciation-Equipment $ 292,000 239,800 45,000 98,362 480,000 200,000 150,000 87,920 1,470,000 121,000 270,200 1,640,000 177,591 Inventory 300,000 Rent payable (short-term) 15,000 360,000 480,000 445,700 265,000 490,000 Income taxes payable Rent payable (long-term) Common stock, $1 par value Preferred stock, $10 par value Prepaid expenses Equipment ? Equity investments (trading) 97,630 Accumulated Depreciation-Buildings 1,600,000 Buildings

 



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