Presented below are a number of balance sheet items for Teal, Inc. for the current year, 2025. 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 Notes payable (long-term) $ 127,700 Accumulated depreciation-equipment $292,160 180,291 Inventory 242,500 302,700 Rent payable (short-term) 47,700 15,160 Income taxes payable 101,062 362,700 Rent payable (long-term) 482,700 482,700 Common stock, $1 par value 202,700 448,400 Preferred stock, $10 par value 152,700 267,700 Prepaid expenses 90,620 492,700 Equipment 1,472,700 Debt investments (trading) 123,700 Accumulated depreciation-buildings ? 100,330 1,602,700 Buildings 270,360 1,642,700 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 order of liquidity. List Property, Plant, and Equipment in order of Land, Buildings, and Equipment. Enter account name only and do not provide the descriptive information provided in the question.)
Presented below are a number of balance sheet items for Teal, Inc. for the current year, 2025. 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 Notes payable (long-term) $ 127,700 Accumulated depreciation-equipment $292,160 180,291 Inventory 242,500 302,700 Rent payable (short-term) 47,700 15,160 Income taxes payable 101,062 362,700 Rent payable (long-term) 482,700 482,700 Common stock, $1 par value 202,700 448,400 Preferred stock, $10 par value 152,700 267,700 Prepaid expenses 90,620 492,700 Equipment 1,472,700 Debt investments (trading) 123,700 Accumulated depreciation-buildings ? 100,330 1,602,700 Buildings 270,360 1,642,700 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 order of liquidity. List Property, Plant, and Equipment in order of Land, Buildings, and Equipment. Enter account name only and do not provide the descriptive information provided in the question.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Presented below are a number of balance sheet items for Teal, Inc. for
the current year, 2025.
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
Notes payable (long-term)
$ 127,700 Accumulated depreciation-equipment
180,291
Inventory
302,700
Rent payable (short-term)
15,160
Income taxes payable
362,700
Rent payable (long-term)
482,700
Common stock, $1 par value
Preferred stock, $10 par value
Prepaid expenses
Equipment
Debt investments (trading)
Accumulated depreciation-buildings
Buildings
448,400
267,700
492,700
?
100,330
1,602,700
$ 292,160
242,500
47,700
101,062
482,700
202,700
152,700
90,620
1,472,700
123,700
270,360
1,642,700
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 order of
liquidity. List Property, Plant, and Equipment in order of Land,
Buildings, and Equipment. Enter account name only and do not
provide the descriptive information provided in the question.)
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