Below are a number of balance sheet items for Letterman, forteh current year 2007
Goodwill 125,000
Payroll taxes payable 177,591
bonds payable 300,000
discount on bonds payable 15,000
cash 360,000
land 480,000
notesreceivable 545,700
notes payable to banks 265,000
accounts pay able 590,000
retained earnings ?
income taxes receivable 97,630
unsecured notes payable(longterm) 1,600,000
accumulated depreciation-equipment 292,000
inventories 239,800
rent payable-short-term 45,000
taxes payable 98,362
long-term rental obligations 480,000
common stock, $1 par value 200,000
preferred stock, $10 par value 150,000
prepaid expenses 87,920
equipment 1,470,000
trading securities 121,000
accumulated depreciation-building 170,200
building 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 ntes receivable and notes payable are short-term, unless stated otherwise. Cost and fair value of trading securities are the same.