16 1 3 Required information [The following information applies to the questions displayed below] Deliberate Speed Corporation (DSC) was incorporated as a private company. The company's accounts included the following at June 30 Accounts Payable Buildings Cash Common Stock Equipment 36,000 180,000 118,000 200,000 2,000 259,000 7,000 During the month of July, the company had the following activities: Land Notes Payable (long-term) Retained Earnings Supplies $ 20,000 100,000 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. 5. Prepare a classified balance sheet at July 31. DELIBERATE SPEED CORPORATION)
16 1 3 Required information [The following information applies to the questions displayed below] Deliberate Speed Corporation (DSC) was incorporated as a private company. The company's accounts included the following at June 30 Accounts Payable Buildings Cash Common Stock Equipment 36,000 180,000 118,000 200,000 2,000 259,000 7,000 During the month of July, the company had the following activities: Land Notes Payable (long-term) Retained Earnings Supplies $ 20,000 100,000 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. 5. Prepare a classified balance sheet at July 31. DELIBERATE SPEED CORPORATION)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![16
1
M
3
nces
Required information
[The following information applies to the questions displayed below]
Deliberate Speed Corporation (DSC) was incorporated as a private company. The company's accounts included the
following at June 30
Accounts Payable
Buildings
Cash
Common Stock
Equipment
36,000
180,000
118,000
200,000
2,000
259,000
7,000
During the month of July, the company had the following activities:
Land
Notes Payable (long-term)
Retained Earnings
Supplies
$ 20,000
100,000
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.
5. Prepare a classified balance sheet at July 31.
DELIBERATE SPEED CORPORATION)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7e9ad694-e5dd-43f9-b0a4-4d9b9239a13e%2Fe1318872-1ebe-45aa-a5a5-160421156c48%2F6zmos8_processed.jpeg&w=3840&q=75)
Transcribed Image Text:16
1
M
3
nces
Required information
[The following information applies to the questions displayed below]
Deliberate Speed Corporation (DSC) was incorporated as a private company. The company's accounts included the
following at June 30
Accounts Payable
Buildings
Cash
Common Stock
Equipment
36,000
180,000
118,000
200,000
2,000
259,000
7,000
During the month of July, the company had the following activities:
Land
Notes Payable (long-term)
Retained Earnings
Supplies
$ 20,000
100,000
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.
5. Prepare a classified balance sheet at July 31.
DELIBERATE SPEED CORPORATION)
Transcribed Image Text:5. Prepare a classified balance sheet at July 31.
Current Assets
Cash
Supplies
Total Current Assets
Buildings
Equipment
Land
Total Assets
Assets
DELIBERATE SPEED CORPORATION
Balance Sheet
At July 31
$
0
0
Current Liabilities
Accounts Payable
Liabilities
Total Current Liabilities
Notes Payable (long-term)
Common Stock
Retained Earnings
Stockholders' Equity
Total Stockholders' Equity
Total Liabilities and Stockholders' Equity
$
0
0
259,000
259,000
259,000
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