P5.2B (LO 2) (Balance Sheet Preparation) Presented below are a number of balance sheet items...
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P5.2B (LO 2) (Balance Sheet Preparation) Presented below are a number of balance sheet items for Roma, Inc., for the current year, 2020. Goodwill Payroll taxes payable Bonds payable Discount on bonds payable Cash Land Notes receivable Notes payable (to banks) Accounts payable Retained earnings Income taxes receivable Unsecured notes payable (long-term) $ 210,000 65,300 500,000 35,000 61,000 351,000 160,500 264,900 347,000 ? 45,600 1,300,000 Accumulated depreciation equipment Inventory Rent payable (short-term) Income tax payable Rent payable (long-term) Common stock, $1 par value Preferred stock, $25 par value Prepaid expenses Equipment Equity investments (trading) Accumulated depreciation-buildings Buildings $ 467,000 398,600 40,000 110,800 80,000 250,000 1,250,000 68,760 1,386,000 375,000 361,200 2,800,000 Instructions Prepare a classified balance sheet in good form. Common stock authorized was 1,000,000 shares, and preferred stock authorized was 50,000 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
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