[The following information applies to the questions displayed below. Deliberate

Question

[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 Land Notes Payable (long-term) Retained Earnings Supplies $ 21,400 183,000 42,750 185,000 126,500 278,000 3,750 436,500 16,400 During the month of July, the company had the following activities: a. Issued 4,300 shares of common stock for $430,000 cash b. Borrowed $143,000 cash from a local bank, payable in two years. c. Bought a building for $223,500; paid $102,500 in cash and signed a three-year note for the balance d. Paid cash for equipment that cost $227,000. e. Purchased supplies for $50,750 on account.

Explanation / Answer

Answer 2

Answer 3

Answer:1 Assets = Liabilities + Stockholders equity a. Cash $430,000.00 = No effect + Common stock 430000 b. Cash $143,000.00 = Notes payable $143,000.00 + No effect c. Factory building $223,500.00 = Notes payable $121,000.00 + No effect Cash ($102,500.00) = No effect + No effect d. Equipment $227,000.00 = No effect + No effect Cash ($227,000.00) = No effect + No effect e. Supplies $50,750.00 = Accounts payable $50,750.00 + No effect

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