E2-12 (Algo) Inferring Investing and Financing Transactions and Preparing a Balance Sheet LO2-4, 2-5 During its first month of operations in March, Volz Cleaning, Incorporated, completed six transactions with the dollar effects indicated in the following schedule: Accounts Cash Investments (short-term) Notes receivable (due in six months) Computer equipment Delivery truck Notes payable (due in 10 years) Common stock (3,000 shares) Additional paid-in capital Current assets: Total current assets Required: 2. Prepare a classified balance sheet for Volz Cleaning, Incorporated, at the end of March. Total assets Assets Dollar Effect of Each of the Six Transactions 1 2 3 4 5 $57,000 $(9,000) $(4,500) $(12,000) 12,000 4,500 4,000 53,000 $ 24,000 15,000 VOLZ CLEANING, INCORPORATED Balance Sheet At March 31 0 Liabilities: Total liabilities Liabilities Stockholders' Equity Total stockholders' equity 0 Total liabilities and stockholders' equity $ 6 $3,000 $(5,000) (3,000) 0 0 0 5,000 Ending Balance
E2-12 (Algo) Inferring Investing and Financing Transactions and Preparing a Balance Sheet LO2-4, 2-5 During its first month of operations in March, Volz Cleaning, Incorporated, completed six transactions with the dollar effects indicated in the following schedule: Accounts Cash Investments (short-term) Notes receivable (due in six months) Computer equipment Delivery truck Notes payable (due in 10 years) Common stock (3,000 shares) Additional paid-in capital Current assets: Total current assets Required: 2. Prepare a classified balance sheet for Volz Cleaning, Incorporated, at the end of March. Total assets Assets Dollar Effect of Each of the Six Transactions 1 2 3 4 5 $57,000 $(9,000) $(4,500) $(12,000) 12,000 4,500 4,000 53,000 $ 24,000 15,000 VOLZ CLEANING, INCORPORATED Balance Sheet At March 31 0 Liabilities: Total liabilities Liabilities Stockholders' Equity Total stockholders' equity 0 Total liabilities and stockholders' equity $ 6 $3,000 $(5,000) (3,000) 0 0 0 5,000 Ending Balance
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text:E2-12 (Algo) Inferring Investing and Financing Transactions and Preparing a Balance Sheet LO2-4, 2-5
During its first month of operations in March, Volz Cleaning, Incorporated, completed six transactions with the dollar effects indicated
in the following schedule:
Accounts
Cash
Investments (short-term)
Notes receivable (due in six months)
Computer equipment
Delivery truck
Notes payable (due in 10 years)
Common stock (3,000 shares)
Additional paid-in capital
Current assets:
Total current assets
Required:
2. Prepare a classified balance sheet for Volz Cleaning, Incorporated, at the end of March.
Total assets
Assets
Dollar Effect of Each of the Six Transactions
1
2
3
4
5
6
$57,000 $(9,000) $(4,500) $(12,000) $3,000 $(5,000)
(3,000)
12,000
4,500
4,000
53,000
$
24,000
15,000
VOLZ CLEANING, INCORPORATED
Balance Sheet
At March 31
0
Liabilities:
Total liabilities
Liabilities
Stockholders' Equity
Total stockholders' equity
0 Total liabilities and stockholders' equity
$
0
0
0
5,000
Ending
Balance
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