[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 $ 29,400 136,000 45,000 210,000 158,500 266,000 4,900 369,200 8,000 During the month of July, the company had the following activities: Cash Common Stock Equipment Land. Notes Payable (long-term) Retained Earnings. Supplies a. Issued 4,800 shares of common stock for $480,000 cash. b. Borrowed $170,000 cash from a local bank, payable in two years. c. Bought a building for $296,000; paid $100,000 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $251,000. e. Purchased supplies for $41,750 on account. 4. Prepare a trial balance at July 31. Cash Supplies Buildings Equipment Land Accounts Payable Notes Payable (long-term) Common Stock Retained Earnings DELIBERATE SPEED CORPORATION Trial Balance At July 31 Current Assets Cash Supplies Totals 5. Prepare a classified balance sheet at July 31. Total Current Assets $ Assets Debit 148,000 49,750 432,000 409,500 266,000 $ Credit $ 1,305,250 $ 1,459,500 0 199,400 200,900 690,000 369,200 DELIBERATE SPEED CORPORATION Balance Sheet For the Month Ended July 31 Current Liabilities Accounts Payable Total Liabilities Common Stock Retained Earnings Liabilities Stockholders' Equity Total Stockholders' Equity 0 Total Liabilities and Stockholders' Equity 0 0 0 0
[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 $ 29,400 136,000 45,000 210,000 158,500 266,000 4,900 369,200 8,000 During the month of July, the company had the following activities: Cash Common Stock Equipment Land. Notes Payable (long-term) Retained Earnings. Supplies a. Issued 4,800 shares of common stock for $480,000 cash. b. Borrowed $170,000 cash from a local bank, payable in two years. c. Bought a building for $296,000; paid $100,000 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $251,000. e. Purchased supplies for $41,750 on account. 4. Prepare a trial balance at July 31. Cash Supplies Buildings Equipment Land Accounts Payable Notes Payable (long-term) Common Stock Retained Earnings DELIBERATE SPEED CORPORATION Trial Balance At July 31 Current Assets Cash Supplies Totals 5. Prepare a classified balance sheet at July 31. Total Current Assets $ Assets Debit 148,000 49,750 432,000 409,500 266,000 $ Credit $ 1,305,250 $ 1,459,500 0 199,400 200,900 690,000 369,200 DELIBERATE SPEED CORPORATION Balance Sheet For the Month Ended July 31 Current Liabilities Accounts Payable Total Liabilities Common Stock Retained Earnings Liabilities Stockholders' Equity Total Stockholders' Equity 0 Total Liabilities and Stockholders' Equity 0 0 0 0
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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please answer within the format with detailed working, Please provide answer in text (Without image)
![[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
$ 29,400
136,000
45,000
210,000
158,500
Land
266,000
4,900
Notes Payable (long-term)
Retained Earnings
Supplies
369,200
8,000
During the month of July, the company had the following activities:
a. Issued 4,800 shares of common stock for $480,000 cash.
b. Borrowed $170,000 cash from a local bank, payable in two years.
c. Bought a building for $296,000; paid $100,000 in cash and signed a three-year note for the balance.
d. Paid cash for equipment that cost $251,000.
e. Purchased supplies for $41,750 on account.
4. Prepare a trial balance at July 31.
Cash
Supplies
Buildings
Equipment
Land
Accounts Payable
Notes Payable (long-term)
Common Stock
Retained Earnings
DELIBERATE SPEED CORPORATION
Trial Balance
At July 31
Current Assets
Cash
Supplies
Totals
5. Prepare a classified balance sheet at July 31.
Total Current Assets
$
Assets
Debit
148,000
49,750
432,000
409,500
266,000
$
$
$ 1,305,250 $ 1,459,500
Credit
0
199,400
200,900
690,000
369,200
DELIBERATE SPEED CORPORATION
Balance Sheet
For the Month Ended July 31
Current Liabilities
Accounts Payable
Total Liabilities
Common Stock
Retained Earnings
Liabilities
Stockholders' Equity
Total Stockholders' Equity
0 Total Liabilities and Stockholders' Equity
$
0
0
0
0](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F49cd46cc-aa88-4717-89d9-bb561288d0dd%2Fef5f0c89-d29d-4844-8e70-99267be99109%2F25o9mfl_processed.jpeg&w=3840&q=75)
Transcribed Image Text:[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
$ 29,400
136,000
45,000
210,000
158,500
Land
266,000
4,900
Notes Payable (long-term)
Retained Earnings
Supplies
369,200
8,000
During the month of July, the company had the following activities:
a. Issued 4,800 shares of common stock for $480,000 cash.
b. Borrowed $170,000 cash from a local bank, payable in two years.
c. Bought a building for $296,000; paid $100,000 in cash and signed a three-year note for the balance.
d. Paid cash for equipment that cost $251,000.
e. Purchased supplies for $41,750 on account.
4. Prepare a trial balance at July 31.
Cash
Supplies
Buildings
Equipment
Land
Accounts Payable
Notes Payable (long-term)
Common Stock
Retained Earnings
DELIBERATE SPEED CORPORATION
Trial Balance
At July 31
Current Assets
Cash
Supplies
Totals
5. Prepare a classified balance sheet at July 31.
Total Current Assets
$
Assets
Debit
148,000
49,750
432,000
409,500
266,000
$
$
$ 1,305,250 $ 1,459,500
Credit
0
199,400
200,900
690,000
369,200
DELIBERATE SPEED CORPORATION
Balance Sheet
For the Month Ended July 31
Current Liabilities
Accounts Payable
Total Liabilities
Common Stock
Retained Earnings
Liabilities
Stockholders' Equity
Total Stockholders' Equity
0 Total Liabilities and Stockholders' Equity
$
0
0
0
0
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