E2-11 (Algo) Inferring Investing and Financing Transactions and Preparing a Balance Sheet LO2-4, 2-5 During its first week of operations ending January 7, FastTrack Sports Incorporated completed six transactions with the dollar effects indicated in the following schedule: Accounts Cash Notes receivable (short-term) Store fixtures Operating lease right-of-use assets Notes payable (due in three months) Long-term lease liabilities Common stock (15,000 shares) Additional paid-in capital Current assets: Cash Notes receivable Total current assets Required: 2. Prepare a classified balance sheet for FastTrack Sports Incorporated on January 7. Assets Store fixtures Operating lease right-of-use assets Total assets Dollar Effect of Each of the Six Transactions 1 2 3 4 5 6 $17,000 $73,000 $(9,000) $(4,300) $(9,200) $(4,000) 4,300 9,200 $ 1,700 15,300 $ FASTTRACK SPORTS INCORPORATED Balance Sheet 63,500 4,300 73,000 67,800 135,000 126,000 9,200 135,000 Current liabilities: Notes payable Liabilities Total current liabilities Long-term lease liabilities Total Liabilities Stockholders' Equity Common stock Additional paid-in-capital Total stockholders' equity 212,000 Total liabilities and stockholders' equity $ $ (4,000) 69,000 69,000 126,000 195,000 1,700 15,300 17,000 212,000 Ending Balance
E2-11 (Algo) Inferring Investing and Financing Transactions and Preparing a Balance Sheet LO2-4, 2-5 During its first week of operations ending January 7, FastTrack Sports Incorporated completed six transactions with the dollar effects indicated in the following schedule: Accounts Cash Notes receivable (short-term) Store fixtures Operating lease right-of-use assets Notes payable (due in three months) Long-term lease liabilities Common stock (15,000 shares) Additional paid-in capital Current assets: Cash Notes receivable Total current assets Required: 2. Prepare a classified balance sheet for FastTrack Sports Incorporated on January 7. Assets Store fixtures Operating lease right-of-use assets Total assets Dollar Effect of Each of the Six Transactions 1 2 3 4 5 6 $17,000 $73,000 $(9,000) $(4,300) $(9,200) $(4,000) 4,300 9,200 $ 1,700 15,300 $ FASTTRACK SPORTS INCORPORATED Balance Sheet 63,500 4,300 73,000 67,800 135,000 126,000 9,200 135,000 Current liabilities: Notes payable Liabilities Total current liabilities Long-term lease liabilities Total Liabilities Stockholders' Equity Common stock Additional paid-in-capital Total stockholders' equity 212,000 Total liabilities and stockholders' equity $ $ (4,000) 69,000 69,000 126,000 195,000 1,700 15,300 17,000 212,000 Ending Balance
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:E2-11 (Algo) Inferring Investing and Financing Transactions and Preparing a Balance Sheet LO2-4, 2-5
During its first week of operations ending January 7, FastTrack Sports Incorporated completed six transactions with the dollar effects
indicated in the following schedule:
Accounts
Cash
Notes receivable (short-term)
Store fixtures
Operating lease right-of-use assets
Notes payable (due in three months)
Long-term lease liabilities
Common stock (15,000 shares)
Additional paid-in capital
Dollar Effect of Each of the Six Transactions
1
$17,000
2
3
4
$73,000 $(9,000) $(4,300) $(9,200)
4,300
135,000
73,000
126,000
1,700
15,300
Required:
2. Prepare a classified balance sheet for FastTrack Sports Incorporated on January 7.
Assets
Current assets:
Cash
Notes receivable
Total current assets
Store fixtures
Operating lease right-of-use assets
Total assets
FASTTRACK SPORTS INCORPORATED
Balance Sheet
Liabilities
Current liabilities:
$
63,500
Notes payable
4,300
Ending
5
6
Balance
$(4,000)
9,200
(4,000)
$
69,000
Total current liabilities
Long-term lease liabilities
69,000
126,000
67,800
Total Liabilities
195,000
Stockholders' Equity
9,200
Common stock
1,700
135,000 Additional paid-in-capital
15,300
Total stockholders' equity
17,000
$
212,000 Total liabilities and stockholders' equity
$
212,000
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