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 4 1 5 6 $16,000 $82,000 $(9,000) $(4,400) $(8,600) $(4,000) 4,400 8,600 1,400 14,600 82,000 133,000 124,000 (4,000) 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 Dollar Effect of Each of the Six Transactions 4 1 5 6 $16,000 $82,000 $(9,000) $(4,400) $(8,600) $(4,000) 4,400 8,600 1,400 14,600 82,000 133,000 124,000 (4,000) Ending Balance
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text:Required:
2. Prepare a classified balance sheet for FastTrack Sports Incorporated on January 7.
Current assets:
Cash
Notes receivable
Total current assets
Assets
Store fixtures
Operating lease right-of-use assets
Total assets
FASTTRACK SPORTS INCORPORATED
Balance Sheet
››
00
Answer is not complete.
$
72,000
4,400✔
76,400
8,600
133,000
$218,000
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
Total liabilities and stockholders' equity
>
>>
$
78,000
78,000
124,000
202,000
1,400
14,600
16,000
$ 218,000

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
3
5
1
2
6
$16,000 $82,000 $(9,000) $(4,400) $(8,600) $(4,000)
4,400
8,600
1,400
14,600
82,000
133,000
124,000
(4,000)
Ending
Balance
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