24.

PURRFECT PETS, INC.
Balance Sheet
at June 30, Year 1
Assets				Liabilities
Cash	$	732,600		Accounts Payable	$	349,200
Accounts Receivable		419,200		Notes Payable due June 30, Year 3		268,900
Supplies		58,400		Total Liabilities		618,100
Equipment		118,500
Other Assets		69,400		Stockholders' Equity
				Common Stock		662,100
				Retained Earnings		117,900
				Total Stockholders' Equity		780,000
Total Assets	$	1,398,100		Total Liabilities & Stockholders Equity	$	1,398,100

How much financing did the stockholders of Purrfect Pets, Inc., directly contribute to the company?

a. $780,000

b. $1,398,100

c. $117,900

d. $662,100

26. The following account balances were listed on the trial balance of Edgar Company at the end of the period:

Account	Balance
Accounts Payable	$	30,600
Cash		48,900
Common Stock		30,000
Equipment		13,500
Land		45,000
Notes Payable		60,000

The company's trial balance is not in balance and the company's accountant has determined that the error is in the cash account. What is the correct balance in the cash account?

a. $31,500

b. $2,100

c. $62,100

d. $57,900

27. Accounts Payable had a balance of $18,300 at the beginning of the month. During the month, three debits in the amounts of $4,600, $11,200, and $14,700 were posted to Accounts Payable, and three credits in the amounts of $3,700, $9,600, and $12,800 were posted to Accounts Payable. What is the ending balance of the Accounts Payable account?

a. $4,400

b. $13,900

c. $48,800

d. $22,700