Required information [The following information applies to the questions displayed below] Athletic Performance Company (APC) was incorporated as a private company. The company's accounts included the following at July 1: Accounts Payable Buildings Cash Common Stock Equipment $ 6,750 210,000 27,950 369,000 21,750 131,000 19,500 0 Land Notes Payable (long-term) Retained Earnings Supplies During the month of July, the company had the following activities: 4,550 a. Issued 2,400 shares of common stock for $240,000 cash. b. Borrowed $49,500 cash from a local bank, payable in two years. c. Bought a building for $197,750; paid $59,750 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $192,000. e. Purchased supplies for $18,300 on account. 5. Prepare a classified balance sheet at July 31. Include Retained Earnings on the balance sheet even though the account has a zero balance. ATHLETIC PERFORMANCE COMPANY Balance Sheet
Required information [The following information applies to the questions displayed below] Athletic Performance Company (APC) was incorporated as a private company. The company's accounts included the following at July 1: Accounts Payable Buildings Cash Common Stock Equipment $ 6,750 210,000 27,950 369,000 21,750 131,000 19,500 0 Land Notes Payable (long-term) Retained Earnings Supplies During the month of July, the company had the following activities: 4,550 a. Issued 2,400 shares of common stock for $240,000 cash. b. Borrowed $49,500 cash from a local bank, payable in two years. c. Bought a building for $197,750; paid $59,750 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $192,000. e. Purchased supplies for $18,300 on account. 5. Prepare a classified balance sheet at July 31. Include Retained Earnings on the balance sheet even though the account has a zero balance. ATHLETIC PERFORMANCE COMPANY Balance Sheet
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 20BEA: The income statement, statement of retained earnings, and balance sheet for Somerville Company are...
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