balance sheet preparation / solution

Project Description:

p5-2b (balance sheet preparation) presented below are a number of balance sheet items for roma, inc., for the current year, 2014.
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
unsecured notes payable (long-term)
instructions
$
40,000 110,800 80,000 250,000 1,250,000 68,760 347,000 equipment 1,386,000 ? equity investments (trading) 375,000 45,600 accumulated depreciation—buildings 361,200 1,300,000 buildings 2,800,000
210,000 accumulated depreciation—equipment $ 467,000 65,300 inventory 398,600
500,000 rent payable (short-term) 35,000 income tax payable 61,000 rent payable (long-term)
351,000 common stock, $1 par value 160,500 preferred stock, $25 par value 264,900 prepaid expenses
prepare a classified balance sheet in good form. common stock authorized was 1,000,000 shares, and pre- ferred stock authorized was 50,000 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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