$17-56$ Comprehensive Review: Reconstruct Transactions

Childrobics, Inc. was incorporated in the state of New York on May $7,1993.$ The company

owns and operates indoor recreation facilities for children and their families in the New

York metropolitan area. The company prepared financial statements on February $28,$

$1994,$ for the period since incorporation. Slightly revised versions of the company's bal$-$

ance sheet and statement of cash flows follow. Footnotes pointed out that, in exchange for

a note payable of $$250,000,$ the creditors supplied $$146,000$ in cash and $$104,000$ in prop$-$

erty and equipment.

Compute amounts to replace each of the question marks in the Childrobics' balance

sheet.

Childrobics, Inc. Balance Sheet

February $28,1994$

Childrobics, Inc.

Statement of Cash Flows for the Period Ended February $28,[994$