Required information CP2-2 (Algo) Recording Transactions (in a Journal and T-Accounts); Preparing a Trial Balance; Preparing and Interpreting the Balance Sheet [LO 2-1, LO 2-2, LO 2-3, LO 2-4, LO 2-5] [The following information applies to the questions displayed below. Athletic Performance Company (APC) was incorporated as a private company. The company's accounts included the following at July 1: Accounts Payable Buildings Cash $ 5,950 172,000 14,900 Common Stock 325,000 Equipment 34,500 Land 134,500 33,750 Notes Payable (long-term) Retained Earnings Supplies 0 8,800 During the month of July, the company had the following activities: a. Issued 4,000 shares of common stock for $400,000 cash. b. Borrowed $54,750 cash from a local bank, payable in two years. c. Bought a building for $176,250; paid $44,250 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $236,000. e. Purchased supplies for $13,500 on account.
Required information CP2-2 (Algo) Recording Transactions (in a Journal and T-Accounts); Preparing a Trial Balance; Preparing and Interpreting the Balance Sheet [LO 2-1, LO 2-2, LO 2-3, LO 2-4, LO 2-5] [The following information applies to the questions displayed below. Athletic Performance Company (APC) was incorporated as a private company. The company's accounts included the following at July 1: Accounts Payable Buildings Cash $ 5,950 172,000 14,900 Common Stock 325,000 Equipment 34,500 Land 134,500 33,750 Notes Payable (long-term) Retained Earnings Supplies 0 8,800 During the month of July, the company had the following activities: a. Issued 4,000 shares of common stock for $400,000 cash. b. Borrowed $54,750 cash from a local bank, payable in two years. c. Bought a building for $176,250; paid $44,250 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $236,000. e. Purchased supplies for $13,500 on account.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
What am I missing.
![Required information
CP2-2 (Algo) Recording Transactions (in a Journal and T-Accounts); Preparing a Trial Balance; Preparing
and Interpreting the Balance Sheet [LO 2-1, LO 2-2, LO 2-3, LO 2-4, LO 2-5]
[The following information applies to the questions displayed below.]
Athletic Performance Company (APC) was incorporated as a private company. The company's accounts included the
following at July 1:
Accounts Payable
Buildings
$5,950
172,000
14,900
Cash
Common Stock
325,000
Equipment
34,500
Land
134,500
33,750
Notes Payable (long-term)
Retained Earnings
Supplies
0
8,800
During the month of July, the company had the following activities:
a. Issued 4,000 shares of common stock for $400,000 cash.
b. Borrowed $54,750 cash from a local bank, payable in two years.
c. Bought a building for $176,250; paid $44,250 in cash and signed a three-year note for the balance.
d. Paid cash for equipment that cost $236,000.
e. Purchased supplies for $13,500 on account.
CP2-2 (Algo) Part 5
5. Prepare a classified balance sheet at July 31. Include Retained Earnings on the balance sheet even though the account has a zero
balance.
Answer is not complete.
ATHLETIC PERFORMANCE COMPANY
Balance Sheet
At July 31
Assets
Current Assets
Current Liabilities
✓
Cash
$189,400✔ Accounts Payable
Supplies
22,300✔
Total Current Liabilities
Total Current Assets
211,700
Notes Payable (long-term)
Equipment
270,500✔
Buildings
348,250 Total Liabilities
Land
134,500
Total Assets
$ 964,950
3333
Liabilities
Common Stock
Retained Earnings
Total Stockholders' Equity
Total Liabilities and Stockholders' Equity
$ 19,450
✔ 19,450
220,500
239,950
725,000
0
725,000
$ 964,950
33
< Prev](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F36b4eda2-ba0e-42d2-9c19-93466d9d03e5%2F0fb6d5d4-9d21-4033-b541-33406a56ec2a%2Fz0gvahti_processed.png&w=3840&q=75)
Transcribed Image Text:Required information
CP2-2 (Algo) Recording Transactions (in a Journal and T-Accounts); Preparing a Trial Balance; Preparing
and Interpreting the Balance Sheet [LO 2-1, LO 2-2, LO 2-3, LO 2-4, LO 2-5]
[The following information applies to the questions displayed below.]
Athletic Performance Company (APC) was incorporated as a private company. The company's accounts included the
following at July 1:
Accounts Payable
Buildings
$5,950
172,000
14,900
Cash
Common Stock
325,000
Equipment
34,500
Land
134,500
33,750
Notes Payable (long-term)
Retained Earnings
Supplies
0
8,800
During the month of July, the company had the following activities:
a. Issued 4,000 shares of common stock for $400,000 cash.
b. Borrowed $54,750 cash from a local bank, payable in two years.
c. Bought a building for $176,250; paid $44,250 in cash and signed a three-year note for the balance.
d. Paid cash for equipment that cost $236,000.
e. Purchased supplies for $13,500 on account.
CP2-2 (Algo) Part 5
5. Prepare a classified balance sheet at July 31. Include Retained Earnings on the balance sheet even though the account has a zero
balance.
Answer is not complete.
ATHLETIC PERFORMANCE COMPANY
Balance Sheet
At July 31
Assets
Current Assets
Current Liabilities
✓
Cash
$189,400✔ Accounts Payable
Supplies
22,300✔
Total Current Liabilities
Total Current Assets
211,700
Notes Payable (long-term)
Equipment
270,500✔
Buildings
348,250 Total Liabilities
Land
134,500
Total Assets
$ 964,950
3333
Liabilities
Common Stock
Retained Earnings
Total Stockholders' Equity
Total Liabilities and Stockholders' Equity
$ 19,450
✔ 19,450
220,500
239,950
725,000
0
725,000
$ 964,950
33
< Prev
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