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Required information [The following information applies to the questions displayed below.) Deliberate Speed Corporation (DSC) was incorporated as a private company. The company's accounts included the following at June 30: Accounts Payable Buildings Cash Common Stock Equipment $ 28,200 194,000 49,000 145,000 157,000 291,000 6,400 526,300 14,900 Land Notes Payable (long-term) Retained Earnings Supplies During the month of July, the company had the following activities: a. Issued 5,200 shares of common stock for $520,000 cash. b. Borrowed $112,000 cash from a local bank, payable in two years. c. Bought a building for $207,000; paid $105,000 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $230,000. e. Purchased supplies for $45,250 on account. Prepare a classified balance sheet at July 31 based on the amounts reported on the trial balance. DELIBERATE SPEED CORPORATION Balance Sheet

Required information [The following information applies to the questions displayed below.) Deliberate Speed Corporation (DSC) was incorporated as a private company. The company's accounts included the following at June 30: Accounts Payable Buildings Cash Common Stock Equipment $ 28,200 194,000 49,000 145,000 157,000 291,000 6,400 526,300 14,900 Land Notes Payable (long-term) Retained Earnings Supplies During the month of July, the company had the following activities: a. Issued 5,200 shares of common stock for $520,000 cash. b. Borrowed $112,000 cash from a local bank, payable in two years. c. Bought a building for $207,000; paid $105,000 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $230,000. e. Purchased supplies for $45,250 on account. Prepare a classified balance sheet at July 31 based on the amounts reported on the trial balance. DELIBERATE SPEED CORPORATION Balance Sheet

FINANCIAL ACCOUNTING
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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Required information [The following information applies to the questions displayed below.) Deliberate Speed Corporation (DSC) was incorporated as a private company. The company's accounts included the following at June 30: Accounts Payable Buildings Cash Common Stock Equipment $ 28,200 194,000 49,000 145,000 157,000 291,000 6,400 526,300 14,900 Land Notes Payable (long-term) Retained Earnings Supplies During the month of July, the company had the following activities: a. Issued 5,200 shares of common stock for $520,000 cash. b. Borrowed $112,000 cash from a local bank, payable in two years. c. Bought a building for $207,000; paid $105,000 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $230,000. e. Purchased supplies for $45,250 on account. $ Prepare a classified balance sheet at July 31 based on the amounts reported on the trial balance. DELIBERATE SPEED CORPORATION Balance Sheet $ 0 0
Transcribed Image Text:Required information [The following information applies to the questions displayed below.) Deliberate Speed Corporation (DSC) was incorporated as a private company. The company's accounts included the following at June 30: Accounts Payable Buildings Cash Common Stock Equipment $ 28,200 194,000 49,000 145,000 157,000 291,000 6,400 526,300 14,900 Land Notes Payable (long-term) Retained Earnings Supplies During the month of July, the company had the following activities: a. Issued 5,200 shares of common stock for $520,000 cash. b. Borrowed $112,000 cash from a local bank, payable in two years. c. Bought a building for $207,000; paid $105,000 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $230,000. e. Purchased supplies for $45,250 on account. $ Prepare a classified balance sheet at July 31 based on the amounts reported on the trial balance. DELIBERATE SPEED CORPORATION Balance Sheet $ 0 0
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