3. Prepare a classified balance sheet at May 31. Include Retained Earnings with a balance of zero.Current AssetsCashEquipmentAssetsDOWN.INCORPORATEDBalance SheetAt May 31$70,00070,00025,000$ 95,000Current LiabilitiesLiabilitiesAccounts PayableNotes Payable (short-term)$$8,0007,00015,00015,000015,000 Required information[The following information applies to the questions displayed below.]Assume Down, Incorporated, was organized on May 1 to compete with Despair, Incorporated-a company that sells demotivational posters and office products. Down, Incorporated, encountered the following events during its first month ofoperations.a. Received $60,000 cash from the investors who organized Down, Incorporatedb. Borrowed $20,000 cash and signed a note due in two years.c. Ordered equipment costing $16,000.d. Purchased $9,000 in equipment, paying $2,000 in cash and signing a six-month note for the balance.e. Received the equipment ordered in (c). paid for half of it, and put the rest on account.

A balance sheet ia a financial statements which represents a firm's total assets and it's total…

3. Prepare a classified balance sheet at May 31. Include Retained Earnings with a balance of zero. Current Assets Cash Equipment Assets DOWN.INCORPORATED Balance Sheet At May 31 $ 70,000 70,000 25,000 $ 95,000 Current Liabilities Liabilities Accounts Payable Notes Payable (short-term) $ $ 8,000 7,000 15,000 15,000 0 15,000

3. Prepare a classified balance sheet at May 31. Include Retained Earnings with a balance of zero. Current Assets Cash Equipment Assets DOWN.INCORPORATED Balance Sheet At May 31 $ 70,000 70,000 25,000 $ 95,000 Current Liabilities Liabilities Accounts Payable Notes Payable (short-term) $ $ 8,000 7,000 15,000 15,000 0 15,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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