Reference no: EM131356688
Presented below are a number of balance sheet items for Sage, Inc., for the current year, 2017. Goodwill $ 127,970 Accumulated Depreciation-Equipment $ 292,260 Payroll Taxes Payable 180,561 Inventory 242,770 Bonds payable 302,970 Rent payable (short-term) 47,970 Discount on bonds payable 15,260 Income taxes payable 101,332 Cash 362,970 Rent payable (long-term) 482,970 Land 482,970 Common stock, $1 par value 202,970 Notes receivable 448,670 Preferred stock, $10 par value 152,970 Notes payable (to banks) 267,970 Prepaid expenses 90,890 Accounts payable 492,970 Equipment 1,472,970 Retained earnings ? Equity investments (trading) 123,970 Income taxes receivable 100,600 Accumulated Depreciation-Buildings 270,460 Notes payable (long-term) 1,602,970 Buildings 1,642,970 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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Notes receivable and notes payable are short-term
: Presented below are a number of balance sheet items for Sage, Inc., for the current year, 2017. Goodwill $ 127,970 Accumulated Depreciation-Equipment $ 292,260 Payroll Taxes Payable 180,561 Inventory 242,770 Bonds payable 302,970 Rent payable (short-..
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