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Athletic Performance Company (APC) was incorporated as a private company. The company's accounts included the following at July 1: $ 8,750 Accounts Payable Buildings 265,000 18,000 397,000 30,750 Cash Common Stock Equipment Land 118,500 Notes Payable (long-term) Retained Earnings 35,000 Supplies 8,500 During the month of July, the company had the following activities: a. Issued 3,300 shares of common stock for $330,000 cash. b. Borrowed $52,750 cash from a local bank, payable in two years. c. Bought a building for $193,500; paid $59,500 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $148,000. e. Purchased supplies for $18,400 on account.

Athletic Performance Company (APC) was incorporated as a private company. The company's accounts included the following at July 1: $ 8,750 Accounts Payable Buildings 265,000 18,000 397,000 30,750 Cash Common Stock Equipment Land 118,500 Notes Payable (long-term) Retained Earnings 35,000 Supplies 8,500 During the month of July, the company had the following activities: a. Issued 3,300 shares of common stock for $330,000 cash. b. Borrowed $52,750 cash from a local bank, payable in two years. c. Bought a building for $193,500; paid $59,500 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $148,000. e. Purchased supplies for $18,400 on account.

Century 21 Accounting General Journal
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter17: Financial Statement Analysis
Section: Chapter Questions
Problem 4AP
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Balance sheet

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: $ 8,750 Accounts Payable Buildings 265,000 18,000 397,000 30,750 118,500 Cash Common Stock Equipment Land Notes Payable (long-term) Retained Earnings 35,000 Supplies 8,500 During the month of July, the company had the following activities: a. Issued 3,300 shares of common stock for $330,000 cash. b. Borrowed $52,750 cash from a local bank, payable in two years. c. Bought a building for $193,500; paid $59,500 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $148,000. e. Purchased supplies for $18,400 on account. 4. Prepare a trial balance at July 31. Include Retained Earnings on the balance sheet even though the account has a zero balance.
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: $ 8,750 Accounts Payable Buildings 265,000 18,000 397,000 30,750 118,500 Cash Common Stock Equipment Land Notes Payable (long-term) Retained Earnings 35,000 Supplies 8,500 During the month of July, the company had the following activities: a. Issued 3,300 shares of common stock for $330,000 cash. b. Borrowed $52,750 cash from a local bank, payable in two years. c. Bought a building for $193,500; paid $59,500 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $148,000. e. Purchased supplies for $18,400 on account. 4. Prepare a trial balance at July 31. Include Retained 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 $ 193,250 Accounts Payable $ 27,150 Supplies 26,900 Total Current Liabilities 27,150 Total Current Assets 220,150 Notes Payable (long-term) 235,750 Land 118,500 Total Liabilities 262,900 Buildings 458,500 Stockholders' Equity Equipment 178,750 Common Stock 727,000 Retained Earnings 727,000 Total Assets $ 975,900 Total Liabilities and Stockholders' Equity 2$ 989,900
Transcribed Image Text:ATHLETIC PERFORMANCE COMPANY Balance Sheet At July 31 Assets Liabilities Current Assets Current Liabilities Cash $ 193,250 Accounts Payable $ 27,150 Supplies 26,900 Total Current Liabilities 27,150 Total Current Assets 220,150 Notes Payable (long-term) 235,750 Land 118,500 Total Liabilities 262,900 Buildings 458,500 Stockholders' Equity Equipment 178,750 Common Stock 727,000 Retained Earnings 727,000 Total Assets $ 975,900 Total Liabilities and Stockholders' Equity 2$ 989,900
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