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5. Prepare a classified balance sheet at July 31. Include Retained Earnings on the balance sheet even though the account has a zero balance.

5. Prepare a classified balance sheet at July 31. Include Retained Earnings on the balance sheet even though the account has a zero balance.

FINANCIAL ACCOUNTING
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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6 F ces 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 Land Notes Payable (long-term) $ 6,750 210,000 27,950 369,000 21, 750 131,000 19,500 Retained Earnings Supplies During the month of July, the company had the following activities: 0 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 0
Transcribed Image Text:6 F ces 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 Land Notes Payable (long-term) $ 6,750 210,000 27,950 369,000 21, 750 131,000 19,500 Retained Earnings Supplies During the month of July, the company had the following activities: 0 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 0
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