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

Goodwill		$ 128,780		Accumulated Depreciation-Equipment		$ 292,310
Payroll Taxes Payable		181,371		Inventory		243,580
Bonds payable		303,780		Rent payable (short-term)		48,780
Discount on bonds payable		15,310		Income taxes payable		102,142
Cash		363,780		Rent payable (long-term)		483,780
Land		483,780		Common stock, $1 par value		203,780
Notes receivable		449,480		Preferred stock, $10 par value		153,780
Notes payable (to banks)		268,780		Prepaid expenses		97,700
Accounts payable		491,830		Equipment		1,471,830
Retained earnings		?		Debt investments (trading)		122,830
Income taxes receivable		99,460		Accumulated Depreciation-Buildings		270,490
Notes payable (long-term)		1,601,830		Buildings		1,641,830

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 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.)

Answer rating: 100% (QA)

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