Presented below are a number of balance sheet items for radiant, Inc. for the current year, 2020. Goodwill $ 126,520 Accumulated Depreciation-Equipment $ 292,470 Payroll Taxes Payable 179,111 Inventory 241,320 Bonds payable 301,520 Rent payable (short-term) 46,520 Discount on bonds payable 15,470 Income taxes payable 99,882 Cash 361,520 Rent payable (long-term) 481,520 Land 481,520 Common stock, $1 par value 201,520 Notes receivable 447,220 Preferred stock, $10 par value 151,520 Notes payable (to banks) 266,520 Prepaid expenses 89,440 Accounts payable 491,520 Equipment 1,471,520 Retained earnings ? Debt investments (trading) 122,520 Income taxes receivable 99,150 Accumulated Depreciation-Buildings 270,670 Notes payable (long-term) 1,601,520 Buildings 1,641,520 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 debt investments (trading) are the same.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Presented below are a number of balance sheet items for radiant, Inc. for the current year, 2020.

Goodwill	$ 126,520	Accumulated Depreciation-Equipment	$ 292,470
Payroll Taxes Payable	179,111	Inventory	241,320
Bonds payable	301,520	Rent payable (short-term)	46,520
Discount on bonds payable	15,470	Income taxes payable	99,882
Cash	361,520	Rent payable (long-term)	481,520
Land	481,520	Common stock, $1 par value	201,520
Notes receivable	447,220	Preferred stock, $10 par value	151,520
Notes payable (to banks)	266,520	Prepaid expenses	89,440
Accounts payable	491,520	Equipment	1,471,520
Retained earnings	?	Debt investments (trading)	122,520
Income taxes receivable	99,150	Accumulated Depreciation-Buildings	270,670
Notes payable (long-term)	1,601,520	Buildings	1,641,520

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 debt investments (trading) are the same.

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