Presented below are a number of balance sheet items for Shamrock, Inc., for the current year, 2017.
Goodwill $127,330 Accumulated Depreciation-Equipment $292,246
Payroll Taxes Payable 179,921 Inventory 242,130
Bonds payable 302,330 Rent payable (short-term) 47,330
Discount on bonds payable 15,246 Income taxes payable 100,692
Cash 362,330 Rent payable (long-term) 482,330
Land 482,330 Common stock, $1 par value 202,330
Notes receivable 448,030 Preferred stock, $10 par value 152,330
Notes payable (to banks) 267,330 Prepaid expenses 90,250
Accounts payable 492,330 Equipment 1,472,330
Retained earnings ? Equity investments (trading) 123,330
Income taxes receivable 99,960 Accumulated Depreciation-Buildings 270,446
Notes payable (long-term) 1,602,330 Buildings 1,642,330
Required:
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.)
