Performance Plastics Company (PPC) has been operating for three years. The beginning account balances are: Cash Accounts Receivable Inventory Supplies Notes Receivable (due in three years) Equipment Buildings Land $ 44,500 9,050 61,500 7,900 5,650 82,000 152,000 32,750 47,500 100,000 150,000 97,850 Accounts Payable Notes Payable (due in three years) Common Stock Retained Earnings During the year, the company had the following summarized activities: a. Purchased equipment that cost $25,350, paid $9,450 cash and signed a two-year note for the balance. b. Issued an additional 2,600 shares of common stock for $26,000 cash. c. Borrowed $61,000 cash from a local bank, payable June 30, in two years. d. Purchased supplies for $6,200 cash. e. Built an addition to the factory buildings for $69,750; paid $33,250 in cash and signed a three-year note for the balam

Performance Plastics Company (PPC) has been operating for three years. The beginning account balances are: Cash Accounts Receivable Inventory Supplies Notes Receivable (due in three years) Equipment Buildings Land $ 44,500 9,050 61,500 7,900 5,650 82,000 152,000 32,750 47,500 100,000 150,000 97,850 Accounts Payable Notes Payable (due in three years) Common Stock Retained Earnings During the year, the company had the following summarized activities: a. Purchased equipment that cost $25,350, paid $9,450 cash and signed a two-year note for the balance. b. Issued an additional 2,600 shares of common stock for $26,000 cash. c. Borrowed $61,000 cash from a local bank, payable June 30, in two years. d. Purchased supplies for $6,200 cash. e. Built an addition to the factory buildings for $69,750; paid $33,250 in cash and signed a three-year note for the balam

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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