3 PICK-A-PET, INCORPORATEDBalance Sheetat June 30, Year 1Assets Liabilities Cash$ 732,900Accounts Payable$ 348,900Accounts Receivable419,500Notes Payable due June 30, Year 3268,900Supplies58,430Total Liabilities617,800Equipment118,800Stockholders' Equity Other Assets69,430Common Stock661,800 Retained Earnings119,460 Total Stockholders' Equity781,260Total Assets$ 1,399,060Total Liabilities & Stockholders’ Equity$1,399,060How much financing did the stockholders of Pick-A-Pet, Incorporated, directly contribute to the company? Multiple Choice $781,260 $1,399,060 $119,460 $661,800

The balance sheet shows the financial position of the company. It includes the assets, liabilities,…

Answered: PICK-A-PET, INCORPORATED Balance Sheet…

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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PICK-A-PET, INCORPORATED
Balance Sheet
at June 30, Year 1
Assets		Liabilities
Cash	$ 732,900	Accounts Payable	$ 348,900
Accounts Receivable	419,500	Notes Payable due June 30, Year 3	268,900
Supplies	58,430	Total Liabilities	617,800
Equipment	118,800	Stockholders' Equity
Other Assets	69,430	Common Stock	661,800
		Retained Earnings	119,460
		Total Stockholders' Equity	781,260
Total Assets	$ 1,399,060	Total Liabilities & Stockholders’ Equity	$1,399,060

How much financing did the stockholders of Pick-A-Pet, Incorporated, directly contribute to the company?

Multiple Choice

$781,260
$1,399,060
$119,460
$661,800

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