Presented below are a number of balance sheet items for Blossom, Inc., for the current year, 2017.

Goodwill $ 128,730 Accumulated Depreciation-Equipment $ 292,200
Payroll Taxes Payable 181,321 Inventory 243,530
Bonds payable 303,730 Rent payable (short-term) 48,730
Discount on bonds payable 15,200 Income taxes payable 102,092
Cash 363,730 Rent payable (long-term) 483,730
Land 483,730 Common stock, $1 par value 203,730
Notes receivable 449,430 Preferred stock, $10 par value 153,730
Notes payable (to banks) 268,730 Prepaid expenses 91,650
Accounts payable 493,730 Equipment 1,473,730
Retained earnings ? Debt investments (trading) 124,730
Income taxes receivable 101,360 Accumulated Depreciation-Buildings 270,400
Notes payable (long-term) 1,603,730 Buildings 1,643,730

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.)

Problem 5-2
Presented below are a number of balance sheet items for Blossom, Inc., for the current year, 2017.

Goodwill $ 128,730 Accumulated Depreciation-Equipment $ 292,200
Payroll Taxes Payable 181,321 Inventory 243,530
Bonds payable 303,730 Rent payable (short-term) 48,730
Discount on bonds payable 15,200 Income taxes payable 102,092
Cash 363,730 Rent payable (long-term) 483,730
Land 483,730 Common stock, $1 par value 203,730
Notes receivable 449,430 Preferred stock, $10 par value 153,730
Notes payable (to banks) 268,730 Prepaid expenses 91,650
Accounts payable 493,730 Equipment 1,473,730
Retained earnings ? Debt investments (trading) 124,730
Income taxes receivable 101,360 Accumulated Depreciation-Buildings 270,400
Notes payable (long-term) 1,603,730 Buildings 1,643,730

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.)