Question

Presented below are a number of balance sheet items for Coronado, Inc., for the current year, 2017. Goodwill $ 126,590 Accumulated Depreciation-Equipment $ 292,240 Payroll Taxes Payable 179,181 Inventory 241,390 Bonds payable 301,590 Rent payable (short-term) 46,590 Discount on bonds payable 15,240 Income taxes payable 99,952 Cash 361,590 Rent payable (long-term) 481,590 Land 481,590 Common stock, $1 par value 201,590 Notes receivable 447,290 Preferred stock, $10 par value 151,590 Notes payable (to banks) 266,590 Prepaid expenses 89,510 Accounts payable 491,590 Equipment 1,471,590 Retained earnings ? Debt investments (trading) 122,590 Income taxes receivable 99,220 Accumulated Depreciation-Buildings 270,440 Notes payable (long-term) 1,601,590 Buildings 1,641,590 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. (List Current Assets in the order of liquidity. List Property, Plant and Equipment in order of Land, Building and Equipment.)

Answer 1

A classified balance sheet is a class of balance sheet presentation that carefully displays all account balance listings into subcategories and in order of liquidity.

It is easier for a reader of the Account to follow the narrative and draw conclusions quickly, requiring less assumptions or queries from analysts over the qualification of the items.

Step-by-step explanation

The balance sheet is contained in the attached document to preserve its form.