Athletic Performance Company (APC) was incorporated as a private company. The company's accounts included the following at July 1: $ 8,750 Accounts Payable Buildings 265,000 18,000 397,000 30,750 Cash Common Stock Equipment Land 118,500 Notes Payable (long-term) Retained Earnings 35,000 Supplies 8,500 During the month of July, the company had the following activities: a. Issued 3,300 shares of common stock for $330,000 cash. b. Borrowed $52,750 cash from a local bank, payable in two years. c. Bought a building for $193,500; paid $59,500 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $148,000. e. Purchased supplies for $18,400 on account.

Athletic Performance Company (APC) was incorporated as a private company. The company's accounts included the following at July 1: $ 8,750 Accounts Payable Buildings 265,000 18,000 397,000 30,750 Cash Common Stock Equipment Land 118,500 Notes Payable (long-term) Retained Earnings 35,000 Supplies 8,500 During the month of July, the company had the following activities: a. Issued 3,300 shares of common stock for $330,000 cash. b. Borrowed $52,750 cash from a local bank, payable in two years. c. Bought a building for $193,500; paid $59,500 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $148,000. e. Purchased supplies for $18,400 on account.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter16: Retained Earnings And Earnings Per Share

Section: Chapter Questions

Problem 3MC: Prince Corporations accounts provided the following information at December 31, 2019: What should be...

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Subject :- Account
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