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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

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 3MC: Prince Corporations accounts provided the following information at December 31, 2019: What should be...
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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
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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