Balance Sheet Preparation) Presented below are a number of balance sheet items for Montoya, Inc., for the current year, 2010.
Goodwill $ 125,000 Accumulated depreciation—equipment
Payroll taxes payable 177,591 $ 292,000
Bonds payable 300,000 Inventories 239,800
Discount on bonds payable 15,000 Rent payable—short-term 45,000
Cash 360,000 Taxes payable 98,362
Land 480,000 Long-term rental obligations 480,000
Notes receivable 445,700 Common stock, $1 par value 200,000
Notes payable to banks 265,000 Preferred stock, $10 par value 150,000
Accounts payable 490,000 Prepaid expenses 87,920
Retained earnings ? Equipment 1,470,000
Income taxes receivable 97,630 Trading securities 121,000
Unsecured notes payable (long-term) 1,600,000 Accumulated depreciation—building 270,200
Building 1,640,000