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fill in the balance sheet above using the info provided also Accounts Payable Bu

ID: 2609143 • Letter: F

Question

fill in the balance sheet above using the info provided also

Accounts Payable Buildings Cash Common Stock Equipment Land Notes Payable (long-term) Retained Earnings Supplies $ 20,000 100,000 36,000 180,000 118,000 200,000 2,000 259,000 7000 During the month of July, the company had the following activities a. Issued 4,000 shares of common stock for $400,000 cash. b. Borrowed $100,000 cash from a local bank, payable in two years c. Bought a building for $182,000; paid $82.000 in cash and signed a three-year note for the balance d. Paid cash for equipment that cost $200,000 e. Purchased supplies for $30.000 on account.

Explanation / Answer

FIGHTIN BLUE HENS CORPORATION BALANCE SHEET ASSETS AMOUNT LIABILITIES AMOUNT FIXED ASSETS CURRENT LIABILITIES AMOUNT Building 282000 Account Payable $                       50,000 Equipment 318000 Short term Borrowing 100000 Land 200000 TOTAL FIXED ASSETS (A) 800000 TOTAL CURRENT LIABILITIES $                    1,50,000 CURRENT ASSETS Account Receivable Long Term Debt Cash $                2,54,000 Not Payable(Long -Term) $                    1,02,000 Supplies $                    37,000 Prepaid Rent TOTAL LIABILITIES (A) $                    2,52,000 TOTAL CURRENT ASSETS(b) $                2,91,000 OWNER'S EQUITY Common Stock $                    5,80,000 Retained Earning $                    2,59,000 TOTAL OWNER'S EQUITY (B) $                    8,39,000 TOTAL ASSETS (A + B) $              10,91,000 TOTAL LIABILITIES AND OWNERS EQUITY (A +B) $                 10,91,000 Adjustements: Cash a) Opening Balance 36000 Issue of common Stock $                4,00,000 Borrowed from local Bank $                1,00,000 Paid for Building $                  -82,000 Paid for Equipment $              -2,00,000 $                2,54,000 a) Increase in the common stock by = $                4,00,000 b) Short term Borrowing $                1,00,000 c) Building increased $                1,82,000 d) increase in Equipment $                2,00,000 e) Supplies incresed by $                    30,000 e) Account payable increased $                    30,000