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

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Accounting

Presented below are a number of balance sheet items for Teal,Inc., for the current year, 2017.
Goodwill $ 127,870 Accumulated Depreciation-Equipment $ 292,320
Payroll Taxes Payable 180,461 Inventory 242,670
Bonds payable 302,870 Rent payable (short-term) 47,870
Discount on bonds payable 15,320 Income taxes payable 101,232
Cash 362,870 Rent payable (long-term) 482,870
Land 482,870 Common stock, $1 par value 202,870
Notes receivable 448,570 Preferred stock, $10 par value 152,870
Notes payable (to banks) 267,870 Prepaid expenses 90,790
Accounts payable 492,870 Equipment 1,472,870
Retained earnings ? Debt investments (trading) 123,870
Income taxes receivable 100,500 Accumulated Depreciation-Buildings 270,520
Notes payable (long-term) 1,602,870 Buildings 1,642,870

Prepare a classified balance sheet in good form. Common stockauthorized was 400,000 shares, and preferred stock authorized was20,000 shares. Assume that notes receivable and notes payable areshort-term, unless stated otherwise. Cost and fair value of debtinvestments (trading) are the same.

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TEAL INC Classified Balance Sheet Assets Current Assets Cash 362870 Notes receivable 448570 Inventory 242670 Prepaid expenses 90790 Shortterm Investments Trading 123870 Income taxes Receivable 100500 Total current assets 1369270 Long Term Investments Nil Property Land and Equipment Land 482870 See Answer

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Transcribed Image Text

Presented below are a number of balance sheet items for Teal,Inc., for the current year, 2017.Goodwill$ 127,870Accumulated Depreciation-Equipment$ 292,320Payroll Taxes Payable180,461Inventory242,670Bonds payable302,870Rent payable (short-term)47,870Discount on bonds payable15,320Income taxes payable101,232Cash362,870Rent payable (long-term)482,870Land482,870Common stock, $1 par value202,870Notes receivable448,570Preferred stock, $10 par value152,870Notes payable (to banks)267,870Prepaid expenses90,790Accounts payable492,870Equipment1,472,870Retained earnings?Debt investments (trading)123,870Income taxes receivable100,500Accumulated Depreciation-Buildings270,520Notes payable (long-term)1,602,870Buildings1,642,870Prepare a classified balance sheet in good form. Common stockauthorized was 400,000 shares, and preferred stock authorized was20,000 shares. Assume that notes receivable and notes payable areshort-term, unless stated otherwise. Cost and fair value of debtinvestments (trading) are the same.

Goodwill	$ 127,870	Accumulated Depreciation-Equipment	$ 292,320
Payroll Taxes Payable	180,461	Inventory	242,670
Bonds payable	302,870	Rent payable (short-term)	47,870
Discount on bonds payable	15,320	Income taxes payable	101,232
Cash	362,870	Rent payable (long-term)	482,870
Land	482,870	Common stock, $1 par value	202,870
Notes receivable	448,570	Preferred stock, $10 par value	152,870
Notes payable (to banks)	267,870	Prepaid expenses	90,790
Accounts payable	492,870	Equipment	1,472,870
Retained earnings	?	Debt investments (trading)	123,870
Income taxes receivable	100,500	Accumulated Depreciation-Buildings	270,520
Notes payable (long-term)	1,602,870	Buildings	1,642,870