Required information [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 Common Stock Equipment $ 6,750 210,000 27,950 369,000 21,750 131,000 19,500 0 Land Notes Payable (long-term) Retained Earnings Supplies During the month of July, the company had the following activities: 4,550 a. Issued 2,400 shares of common stock for $240,000 cash. b. Borrowed $49,500 cash from a local bank, payable in two years. c. Bought a building for $197,750; paid $59,750 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $192,000. e. Purchased supplies for $18,300 on account. 5. Prepare a classified balance sheet at July 31. Include Retained Earnings on the balance sheet even though the account has a zero balance. ATHLETIC PERFORMANCE COMPANY Balance Sheet

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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[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
Common Stock
Equipment
$ 6,750
210,000
27,950
369,000
21, 750
Land
Notes Payable (long-term)
Retained Earnings
Supplies
During the month of July, the company had the following activities:
131,000
19,500
0
4,550
a. Issued 2,400 shares of common stock for $240,000 cash.
b. Borrowed $49,500 cash from a local bank, payable in two years.
c. Bought a building for $197,750; paid $59,750 in cash and signed a three-year note for the balance.
d. Paid cash for equipment that cost $192,000.
e. Purchased supplies for $18,300 on account.
5. Prepare a classified balance sheet at July 31. Include Retained Earnings on the balance sheet even though the account has a zero
balance.
ATHLETIC PERFORMANCE COMPANY
Balance Sheet
0
Transcribed Image Text:Required information [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 Common Stock Equipment $ 6,750 210,000 27,950 369,000 21, 750 Land Notes Payable (long-term) Retained Earnings Supplies During the month of July, the company had the following activities: 131,000 19,500 0 4,550 a. Issued 2,400 shares of common stock for $240,000 cash. b. Borrowed $49,500 cash from a local bank, payable in two years. c. Bought a building for $197,750; paid $59,750 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $192,000. e. Purchased supplies for $18,300 on account. 5. Prepare a classified balance sheet at July 31. Include Retained Earnings on the balance sheet even though the account has a zero balance. ATHLETIC PERFORMANCE COMPANY Balance Sheet 0
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