Massimo Company has been operating for one year (2019). You are a member of the management...

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Massimo Company has been operating for one year (2019). You are a member of the management team investigating expansion ideas, all of which will require borrowing funds from banks. At the start of 2020, Massimo's T-account balances were as follows: Assets: Cash 1,300 Short-Term Investments 2,300 Liabilities: Short-Term Notes Payable Long-Term Notes Payable 2,500 600 Shareholders' Equity: Contributed Capital 1,030 Required: Retained Earnings 2,270 1. Using the data from these T-accounts, complete the accounting equation on January 1, 2020: Assets = Liabilities Shareholders' Equity Property and Equipment 2,800 Cash Beg. bal. 1,300 Beg. bal. End. bal. Property and Equipment Beg. bal. 2,800 End. bal. Long-Term Notes Payable End. bal. Short-Term Investments 2,300 Short-Term Notes Payable 2,500 Beg. bal. End. bal. Contributed Capital 600 Beg. bal. 1,030 Beg. bal. End. bal. End. bal. Retained Earnings 2,270 Beg. bal. End. bal. 3. Compute ending balances in the T-accounts to complete the statement of financial position on December 31, 2020: Assets = Liabilities + Shareholders' Equity Massimo Company has been operating for one year (2019). You are a member of the management team investigating expansion ideas, all of which will require borrowing funds from banks. At the start of 2020, Massimo's T-account balances were as follows: Assets: Cash 1,300 Short-Term Investments 2,300 Liabilities: Short-Term Notes Payable Long-Term Notes Payable 2,500 600 Shareholders' Equity: Contributed Capital 1,030 Required: Retained Earnings 2,270 1. Using the data from these T-accounts, complete the accounting equation on January 1, 2020: Assets = Liabilities Shareholders' Equity Property and Equipment 2,800 Cash Beg. bal. 1,300 Beg. bal. End. bal. Property and Equipment Beg. bal. 2,800 End. bal. Long-Term Notes Payable End. bal. Short-Term Investments 2,300 Short-Term Notes Payable 2,500 Beg. bal. End. bal. Contributed Capital 600 Beg. bal. 1,030 Beg. bal. End. bal. End. bal. Retained Earnings 2,270 Beg. bal. End. bal. 3. Compute ending balances in the T-accounts to complete the statement of financial position on December 31, 2020: Assets = Liabilities + Shareholders' Equity