fill in the balance sheet above using the info provided also Accounts Payable Bu
ID: 2609143 • Letter: F
Question
fill in the balance sheet above using the info provided also
Accounts Payable Buildings Cash Common Stock Equipment Land Notes Payable (long-term) Retained Earnings Supplies $ 20,000 100,000 36,000 180,000 118,000 200,000 2,000 259,000 7000 During the month of July, the company had the following activities a. Issued 4,000 shares of common stock for $400,000 cash. b. Borrowed $100,000 cash from a local bank, payable in two years c. Bought a building for $182,000; paid $82.000 in cash and signed a three-year note for the balance d. Paid cash for equipment that cost $200,000 e. Purchased supplies for $30.000 on account.Explanation / Answer
FIGHTIN BLUE HENS CORPORATION BALANCE SHEET ASSETS AMOUNT LIABILITIES AMOUNT FIXED ASSETS CURRENT LIABILITIES AMOUNT Building 282000 Account Payable $ 50,000 Equipment 318000 Short term Borrowing 100000 Land 200000 TOTAL FIXED ASSETS (A) 800000 TOTAL CURRENT LIABILITIES $ 1,50,000 CURRENT ASSETS Account Receivable Long Term Debt Cash $ 2,54,000 Not Payable(Long -Term) $ 1,02,000 Supplies $ 37,000 Prepaid Rent TOTAL LIABILITIES (A) $ 2,52,000 TOTAL CURRENT ASSETS(b) $ 2,91,000 OWNER'S EQUITY Common Stock $ 5,80,000 Retained Earning $ 2,59,000 TOTAL OWNER'S EQUITY (B) $ 8,39,000 TOTAL ASSETS (A + B) $ 10,91,000 TOTAL LIABILITIES AND OWNERS EQUITY (A +B) $ 10,91,000 Adjustements: Cash a) Opening Balance 36000 Issue of common Stock $ 4,00,000 Borrowed from local Bank $ 1,00,000 Paid for Building $ -82,000 Paid for Equipment $ -2,00,000 $ 2,54,000 a) Increase in the common stock by = $ 4,00,000 b) Short term Borrowing $ 1,00,000 c) Building increased $ 1,82,000 d) increase in Equipment $ 2,00,000 e) Supplies incresed by $ 30,000 e) Account payable increased $ 30,000
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.