Presented below are a number of balance sheet items for Montoya, Inc. for the current year, 2020.
Goodwill $ 125,000
Accumulated Depreciation-Equipment $ 292,000
Payroll Taxes Payable 177,591
Inventory 239,800
Bonds payable 300,000
Rent payable (short-term) 45,000
Discount on bonds payable 15,000
Income taxes payable 98,362
Cash 360,000
Rent payable (long-term) 480,000
Land 480,000
Common stock, $1 par value 200,000
Notes receivable 445,700
Preferred stock, $10 par value 150,000
Notes payable (to banks) 265,000
Prepaid expenses 87,920
Accounts payable 490,000
Equipment 1,470,000
Retained earnings ?
Retained earnings ?Debt investments (trading) 121,000Income taxes receivable 97,630Accumulated depreciation-buildings 270,200Notes payable (long-term) 1,600,000Buildings 1,640,000
Required:
Required:1. Prepare a classified balance sheet in good form.

MONTOYA, INC.  

                                     Balance Sheet  

                               December 31, 2017  

Assets

Current assets  

Cash                                                     $360,000  

Equity Investments (Trading)              121,000  

Notes Receivable                                        445,700  

Income Taxes Receivable                         97,630  

Inventory                                                239,800  

Prepaid Expenses                                         87,920  

Total current assets                                                           $1,352,050  

Property, plant, and equipment  

Land                                                             480,000  

Buildings                              $1,640,000  

Less: Accum Deprec - Buildings270,200          1,369,800  

Equipment                                    1,470,000  

Less: Accum Deprec - Equipment292,000                  1,178,000  

                                                                                              3,027,800

Intangible assets  

Goodwill                                                         125,000  

Total assets                                                                          $4,504,850  

Liabilities and Shareholders’ Equity

Current liabilities  

Accounts Payable                                      $490,000  

Notes Payable to Banks                    265,000  

Payroll Taxes Payable                                  177,591  

Income Tax Payable                                 98,362  

Rent Payable - Short-term                         45,000  

Total current liabilities                                                          $1,075,953  

Long-term liabilities  

Unsecured Notes Payable (Long-term)  1,600,000  

Bonds Payable                             $300,000  

Less: Discount on Bonds Payable15,000    285,000  

Rental Payable Long-term                            480,000  2,365,000

Total liabilities                                                                    3,440,953

Shareholders’ equity

Capital Stock  

Preferred stock, $10 par; 20,000 shares authorized, 15,000 shares issued 150,000  

Common stock, $1 par; 400,000 shares authorized, 200,000 issued   200,000350,000  

Retained Earnings ($1,063,897 - $350,000)713,897  

Total shareholders’ equity ($4,504,850 – $3,440,953)1,063,897  

Total liabilities and shareholders’ equity$4,504,850    

Computation of Retained earnings:  

Accounting Equation  

Total assets$4,504,850  

Less: Liabilities3,440,953  

Less: Contributed capital350,000  

Retained earnings$713,897  

answer; be sure that the information on file is correct;

answer; ///(d); determining who competes most closely   with whom evaluating whether industry driving forces and competitive pressure favor some strategic groups and hurt others, and ascertaining whether the profit potential of different strategic groups varies due to the strengths and weaknesses in each groups respective market positions;