Montoya, Inc and AERO INC_ Financial statements

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Description

Presented below are a number of balance sheet items for Montoya, Inc., for the current year, 2012.

Goodwill

$127,620

Accumulated depreciation—equipment

$292,465

Payroll Taxes Payable

180,211

Inventory

242,420

Bonds payable

302,620

Rent payable (short-term)

47,620

Discount on bonds payable

15,465

Income tax payable

100,982

Cash

362,620

Rent payable (long-term)

482,620

Land

482,620

Common stock, $1 par value

202,620

Notes receivable

448,320

Preferred stock, $10 par value

152,620

Notes payable (to banks)

267,620

Prepaid expenses

90,540

Accounts payable

492,620

Equipment

1,472,620

Retained earnings

?

Equity investments (trading)

123,620

Income taxes receivable

100,250

Accumulated depreciation—buildings

270,665

Unsecured notes payable (long-term)

1,602,620

Buildings

1,642,620

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.

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Aero Inc. had the following balance sheet at December 31, 2011.

AERO INC.
BALANCE SHEET
DECEMBER 31, 2011

Cash

$ 23,570

Accounts payable

$ 33,570

Accounts receivable

24,770

Bonds payable

44,570

Investments

32,000

Common stock

103,570

Plant assets (net)

84,570

Retained earnings

26,770

Land

43,570

$208,480

$208,480

During 2012, the following occurred.

1.

Aero liquidated its available-for-sale investment portfolio at a loss of $8,570.

2.

A tract of land was purchased for $41,570.

3.

An additional $30,000 in common stock was issued at par.

4.

Dividends totaling $13,570 were declared and paid to stockholders.

5.

Net income for 2012 was $38,570, including $15,570 in depreciation expense.

6.

Land was purchased through the issuance of $33,570 in additional bonds.

7.

At December 31, 2012, Cash was $73,770, Accounts Receivable was $45,570, and Accounts Payable was $43,570.

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