Reference no: EM132316962

Question

Presented below are a number of balance sheet items for Novak, Inc., for the current year, 2017.

Goodwill$ 129,340

Accumulated Depreciation-Equipment$ 292,330

Payroll Taxes Payable181,931

Inventory244,140

Bonds payable304,340Rent payable (short-term)49,340

Discount on bonds payable15,330

Income taxes payable102,702

Cash364,340

Rent payable (long-term)484,340

Land484,340

Common stock, $1 par value204,340

Notes receivable450,040

Preferred stock, $10

par value154,340

Notes payable (to banks)  269,340

Prepaid expenses  92,260

Accounts payable  494,340

Equipment  1,474,340

Retained earnings?

Debt investments (trading) 125,340

Income taxes receivable  101,970

Accumulated Depreciation-Buildings 270,530

Notes payable (long-term) 1,604,340

Buildings 1,644,340

Prepare 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.)