Analyzing Balance Sheet Items of Arenes Corporation for the Year

Chapter 5 Assignment (20 points) Presented below are balance sheet items for Arenes Corporation., for the current year, 2020. Goodwill$125,000Accumulated depreci Payroll taxes payable177,591Inventory Bonds payable300,000Rent payable (short-t Discount on bonds payable15,000Income taxes payable Cash360,000Rent payable (long-te Land480,000Common stock, $1 pa Notes receivable445,700Preferred stock, $10 Notes payable (to banks)265,000Prepaid expenses Accounts payable490,000Equipment Retained earnings663,897Debt investments (tra Income taxes receivable97,630Accumulated depreci Notes payable (long-term)1,600,000Buildings ARENES CORPORATION Balance Sheet December 31, 2020 Assets Current assets Cash Income Taxes receivable Inventory Prepaid expenses Notes Receivable Debt investments (trading) Total current assets Property, plant, and equipment Land Equipment Less: Accumulated depreciation - equipment Buildings Less:Accumulated Depreciation - buildings Total property, plant, equipment