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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question

Transcribed Image Text:Performance Plastics Company (PPC) has been operating for three years. The beginning account balances are:
$ 44, 500
9,050
61,500
7,900
5,650
82, 000
152,000
32,750
47,500
100,000
150,000
97,850
Cash
Accounts Receivable
Inventory
Supplies
Notes Receivable (due in three years)
Equipment
Buildings
Land
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 balance.
f. Hired a new president to start January 1 of next year. The contract was for $95,000 for each full year worked.

Transcribed Image Text:Prepare a classifled balance sheet at December 31, Use the dropdowns to select the accounts properly Included on the
balance sheet.
PERFORMANCE PLASTICS COMPANY
Balance Sheet
At December 31
Assets
Expert Solution

This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps

Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON

Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education

Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education