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: $ 4,see Accounts Payable Buildings 242,000 Cash 12,200 348, eee 25,5e0 95,ee0 28,250 Common Stock Equipment Land Notes Payable (long-term) Retained Earnings Supplies 6,ese During the month of July, the company had the following activities: a. Issued 2,100 shares of common stock for $210,000 cash. b. Borrowed $53,000 cash from a local bank, payable in two years. C. Bought a bullding for $210,000; paid $59,000 in cash and signed a three-year note for the balance. d. Pald cash for equipment that cost $174,000. e. Purchased supplies for $16,000 on account. 5. Prepare a classified balance sheet at July 31. Include Retalned Earnings on the balance sheet even though the account has a zero balance. ATHLETIC PERFORMANCE COMPANY Balance Sheet At July 31 Assets Liabilities Current Assets Current Liabilities Cash Accounts Payable Supplies Total Current Liabilities Total Current Assets O Notes Payable (long-tem) Land Buildings Total Liabilities Equipment Stockholders' Equity Common Stock Retained Earnings Total Assets O Total Liabilities and Stockholders' Equity
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: $ 4,see Accounts Payable Buildings 242,000 Cash 12,200 348, eee 25,5e0 95,ee0 28,250 Common Stock Equipment Land Notes Payable (long-term) Retained Earnings Supplies 6,ese During the month of July, the company had the following activities: a. Issued 2,100 shares of common stock for $210,000 cash. b. Borrowed $53,000 cash from a local bank, payable in two years. C. Bought a bullding for $210,000; paid $59,000 in cash and signed a three-year note for the balance. d. Pald cash for equipment that cost $174,000. e. Purchased supplies for $16,000 on account. 5. Prepare a classified balance sheet at July 31. Include Retalned Earnings on the balance sheet even though the account has a zero balance. ATHLETIC PERFORMANCE COMPANY Balance Sheet At July 31 Assets Liabilities Current Assets Current Liabilities Cash Accounts Payable Supplies Total Current Liabilities Total Current Assets O Notes Payable (long-tem) Land Buildings Total Liabilities Equipment Stockholders' Equity Common Stock Retained Earnings Total Assets O Total Liabilities and Stockholders' Equity
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Required Informatlon
[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
$ 4,500
242,000
Cash
12,200
Common Stock
348, e00
Equipment
25,500
Land
95,000
Notes Payable (long-term)
Retained Earnings
28,250
Supplies
6,050
During the month of July, the company had the following activitles:
a. Issued 2,100 shares of common stock for $210,000 cash.
b. Borrowed $53,000 cash from a local bank, payable In two years.
c. Bought a bullding for $210,000; pald $59,000 in cash and signed a three-year note for the balance.
d. Pald cash for equlpment that cost $174,000.
e. Purchased supplies for $16,000 on account.
5. Prepare a classified balance sheet at July 31. Include Retalned Earnings on the balance sheet even though the account has a zero
balance.
ATHLETIC PERFORMANCE COMPANY
Balance Sheet
At July 31
Assets
Liabilities
Current Assets
Current Liabilities
Cash
Accounts Payable
Supplies
Total Current Liabilities
Total Current Assets
O Notes Payable (long-tem)
Land
Buildings
Total Liabilities
Equipment
Stockholders' Equity
Common Stock
Retained Earnings
Total Assets
O Total Liabilities and Stockholders' Equity
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