AC 302 CHAPTER 5 PROBLEM QUESTION 2

AC 302 CHAPTER 5 PROBLEM QUESTION 2
Name				Date			
Instructor				Course			
Intermediate Accounting 14th Edition by Kieso Weygandt and Warfield							
Primer on Using Excel in Accounting by Rex A Schildhouse							
							
P5-2 (Balance Sheet Presentation) Presented below are a number of balance sheet items for Montoya, Inc., for the current year, 2012.							
							
							
Goodwill			$125,000 	Accumulated Depreciation - Equipment			$292,000 
Payroll Taxes Payable			177,591 	Inventory			239,800 
Bonds Payable			300,000 	Rent Payable - Short-term			45,000 
Discount on Bonds Payable			15,000 	Income Tax Payable			98,362 
Cash			360,000 	Rental Expense Long-term			480,000 
Land			480,000 	Common Stock, $1 Par Value			200,000 
Notes Receivable			445,700 	Preferred Stock, $10 Par Value			150,000 
Notes Payable to Banks			265,000 	Prepaid Expenses			87,920 
Accounts Payable			490,000 	Equipment			1,470,000 
Retained Earnings			?	Equity Investments (Trading)			121,000 
Income Taxes Receivable			97,630 	Accumulated Depreciation - Buildings			270,200 
Unsecured Notes Payable (Long-term)			1,600,000 	Buildings			1,640,000 
							
Instructions:							
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 marketable securities are the same.							
							
	MONTOYA, INC.						
	Balance Sheet						
	December 31, 2012						
	Assets						
	Current assets						
	Account Title				Amount		
	Account Title				Amount		
	Account Title				Amount		
	Account Title				Amount		
	Account Title				Amount		
	Account Title				Amount		
	Total current assets					Formula	
							
	Property, plant, and equipment						
	Account Title				Amount		
	Account Title			Amount			
	Account Title			Amount	Formula		
	Account Title			Amount			
	Account Title			Amount	Formula		
						Formula	
	Intangible assets						
	Account Title					Amount	
	Total assets					Formula	
							
	Liabilities and Shareholders’ Equity						
	Current liabilities						
	Account Title				Amount		
	Account Title				Amount		
	Account Title				Amount		
	Account Title				Amount		
	Account Title				Amount		
	Total current liabilities					Formula	
							
	Long-term liabilities						
	Account Title				Amount		
	Account Title			Amount			
	Account Title			Amount	Formula		
	Account Title				Amount	Formula	
	Total liabilities					Formula	
							
	Shareholders’ equity						
	Account Title						
	Account Title with details						
				Amount			
	Account Title with details						
				Amount	Formula		
	Account title				Amount		
	Title					Formula	
	Total liabilities and shareholders’ equity					Formula	
							
		Computation of Retained earnings:					
		Accounting Equation					
		Title			Amount		
		Title			Amount		
		Title			Amount		
		Title			Formula