Presented below are a number of balance sheet items for Tamarisk, Inc. for the current year, 2020.
Goodwill $27,340 Accumulated Depreciation-Equipment $292,490
Payroll Taxes Payable 179,931 Inventory 242,140
Bonds payable 302,340 Rent payable (short-term) 47,340
Discount on bonds
payable 15,490 Income taxes payable 100,702
Cash 362,340 Rent payable (long-term) 482,340
Land 482,340 Common stock, $1 par value 202,340
Notes receivable 448,040 Preferred stock, $10 par value 152,340
Notes payable (to
banks) 267,340 Prepaid expenses 90,260
Accounts payable 492,340 Equipment 1,472,340
Retained earnings ? Equity investments (trading) 123,330
Income taxes receivable 99,960 Accumulated Depreciation-Buildings 270,446
Notes payable
(long-term) 1,602,330 Buildings 1,642,330
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.