Fruity Farms was incorporated as a private company on January 1,
2017. The company’s accounts included the following at January 31,
2017:
Accounts Payable | $ | 20,000 | Land | $ | 100,000 | |
Building | 50,000 | Notes Payable, due 2019 | 22,000 | |||
Bank Overdraft | 9,000 | Retained Earnings | 74,000 | |||
Contributed Capital | 75,000 | Supplies | 3,000 | |||
Equipment | 47,000 | |||||
During the month of February, the company had the following
activities:
4. Prepare a classified balance sheet at February 28,2017
|
FRUITY FARMS | |||
Balance Sheet | |||
At February 28, 2017 | |||
Assets | Liabilities | ||
Current assets | Current liabilities | ||
Cash(-9000-15000+50000-3000) | 23000 | Accounts payable | 23000 |
Supplies | 6000 | Note payable (short-term) | 27000 |
Total current assets | 29000 | Total current liabilities | 50000 |
Buildings | 50000 | Note payable (long-term) (22000 | 22000 |
Land | 100000 | ||
Equipment(47000+30000) | 77000 | Total liabilities | 72000 |
Shareholders’ equity | |||
Contributed capital (75000+50000) | 125000 | ||
Retained earnings (74000-15000) | 59000 | ||
Total shareholders’ equity | 184000 | ||
Total assets | $256,000 | Total liabilities & shareholders’ equity | $256,000 |
Fruity Farms was incorporated as a private company on January 1, 2017. The company’s accounts included...
Fruity Farms was incorporated as a private company on January 1, 2017. The company’s accounts included the following at January 31, 2017: Accounts Payable $ 20,000 Land $ 100,000 Building 50,000 Notes Payable, due 2019 22,000 Bank Overdraft 9,000 Retained Earnings 74,000 Contributed Capital 75,000 Supplies 3,000 Equipment 47,000 During the month of February, the company had the following activities: Paid a dividend to shareholders of $15,000. Repaid $10,000 cash to a local bank. Issued 500 shares for $50,000 cash....
Deliberate Speed Corporation (DSC) was incorporated as a private company on June 1, 2017. The company's accounts included the following at June 30, 2017: $ 211,000 Accounts Payable Factory Building Cash Contributed Capital Equipment $ 21,000 103,300 29,300 191,00 129,000 Land Notes Payable, due 2019 Retained Earnings Supplies 264,500 8,100 During the month of July, the company had the following activities: a. Issued 3,780 shares for $378.000 cash. b. Borrowed $112,000 cash from a local bank, payable June 30, 2020...
Deliberate Speed Corporation (DSC) was incorporated as a private company on June 1, 2017. The company's accounts included the following at June 30, 2017: Accounts Payable Factory Building Cash Contributed Capital Equipment $21,800 103,300 29, 300 191,00 129, eee Land Notes Payable, due 2019 Retained Earnings Supplies $ 211,000 4,200 264,500 8,100 During the month of July, the company had the following activities: a. Issued 3,780 shares for $378,000 cash. b. Borrowed $112.000 cash from a local bank, payable June...
Deliberate Speed Corporation (DSC) was incorporated as a private company on June 1, 2017. The company's accounts included the following at June 30, 2017: Accounts Payable Factory Building Cash Contributed Capital Equipment $21,800 103,300 29, 300 191,00 129, eee Land Notes Payable, due 2019 Retained Earnings Supplies $ 211,000 4,200 264,500 8,100 During the month of July, the company had the following activities: a. Issued 3,780 shares for $378,000 cash. b. Borrowed $112.000 cash from a local bank, payable June...
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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 Land Notes Payable (long-term) Retained Earnings Supplies $ 25,900 118,000 46,500 200,000 123,000 203,000 3,700 274,700 13,800 During the month of July, the company had the following activities a. Issued 6,100 shares of common stock for $610,000 cash. b. Borrowed $114,000 cash from a local bank, payable in two years c Bought a building...
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