Presented below are a number of balance sheet items for Teal, Inc., for the current year, 2017.
| Goodwill |
mce_markernbsp;128,780 |
Accumulated Depreciation-Equipment |
mce_markernbsp;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 |
91,700 |
| Accounts payable |
493,780 |
Equipment |
1,473,780 |
| Retained earnings |
? |
Equity investments (trading) |
124,780 |
| Income taxes receivable |
101,410 |
Accumulated Depreciation-Buildings |
270,510 |
| Notes payable (long-term) |
1,603,780 |
Buildings |
1,643,780
|
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 equity investments (trading) are the same. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Building and Equipment.)