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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Below are the financial data of XYZ Company, a not-for-profit entity for month of June, 2017.Cash – P2,500,300Accounts Receivable – P500,600Long-Term Investment – P1,500,000Plant, Property and Equipment – P5,600,000Accounts Payable – P350,600Notes Payable – P500,500Permanent Restricted Net Assets – 5% of Total Net AssetsTemporary Restricted Net Assets – 15% of Total Net AssetsTransactions for the month of July, 2017 Receive a car worth – P300,000 but treated as temporary restricted net assets Partial payment of accounts payable – P50,600 Issued a promissory notes worth – P150,500 Paid the salary of employees – P15,250 Reclassify 5% of May, 2017 temporary restricted net assets to unrestricted net assets. Compute the balance of unrestricted net assets as of July, 2017 a. 7,453,963.50 b. 7.453,963 c. 7,453,962.50 d. 7,453,964 Compute the balance of total assets as of July, 2017 a. 10,485,550 b. 10,485,500 c. 10,486,550 d. 10,487,550
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