Ag Bio Tech (ABT) was organized on January 1 by four friends. Each organizer invested $16,250 in the company and, in turn, was issued 13,000 shares of common stock. To date, they are the only stockholders. During the first month (January), the company had the following five events: Collected a total of $65,000 from the organizers and, in turn, issued common stock. Purchased a building for $79,000, equipment for $21,500, and three acres of land for $29,400; paid $36,250 in cash and signed a note for the balance, which is due to be paid in 15 years. One stockholder reported to the company that 1,100 shares of his ABT stock had been sold and transferred to another stockholder
Required: 2. During the first month, the records of the company were inadequate. You were asked to prepare a summary of the preceding transactions. To develop a quick assessment of their economic effects on ABT, complete the spreadsheet that follows. Transaction (d) is shown as an example. 4. Bosed on the completed spreadsheet, compute total assets, total liabilities, total stockhoiders' equity, Cash balance, and total current assets at the end of the month. 5. As of January 31, has the financing for ABT's investment in assets primarily come from liabilities or stockholders' equity? Complete this question by entering your answers in the tabs below. Based on the completed spreadsheet, compute total assets, total liabilities, total stockholders' equity, Cash balance, and total current assets at the end of the month. for $11,000 cash. d. Purchased supplies for $5,250 cash. e. Sold one acre of land for $9,800 cash to another company. Required: 2. During the first month, the records of the company were inadequate. You were asked to prepare a summary of the preceding transactions. To develop a quick assessment of their economic effects on ABT, complete the spreadsheet that follows. Transaction (a) is shown as an example. 4. Based on the completed spreadsheet, compute total assets, total liabilities, total stockholders' equity, Cash balance, and total current assets at the end of the month. 5. As of January 31 , has the financing for ABT's investment in assets primarily come from liabilities or stockholders' equity? Complete this question by entering your answers in the tabs below. As of January 31, has the financing for ABT's investment in assets primarily come from liabilities or stockholders' equity? Ag Bio Tech (ABT) was organized on January 1 by four friends. Each organizer invested $16,250 in the company and, in turn, was issued 13,000 shares of common stock. To date, they are the only stockholders. During the first month (January), the company had the following five events: a. Collected a total of $65,000 from the organizers and, in turn, issued common stock. b. Purchased a buliding for $79,000, equipment for $21,500, and three ocres of land for $29,400; paid $36,250 in cash and signed a note for the balance, which is due to be paid in 15 years. c. One stockholder reported to the company that 1,100 shares of his ABT stock had been sold and transferred to another stockholder for $11,000 cash. d. Purchased supplies for $5,250 cash. e. Sold one acre of land for $9,800 cash to another company. Required: 2. During the first month, the records of the company were inadequate. You were asked to prepare a summary of the preceding transactions. To develop a quick assessment of their economic effects on ABT, complete the spreadsheet thot follows. Transaction (b) is shown as an example. 4. Based on the completed spreadsheet, compute total assets, total liabilaties, total stockholders' equity, Cash balance, and total current assets at the end of the month. 5. As of January 31, has the financing for ABT's investment in assets primarily come from liabilities or stockholders' equity? Complete this question by entering your answers in the tabs below. During the first month, the records of the company were inadequate. You were asked to prepare a summary of the preceding transactlons. To deveiop a quick assessment of their economic effects on ABT, complete the spreadsheet that follows. Transaction (o) is shown as an example. (Enter any decreases to account balances with a minus sign, ) 4. Based on the completed spreadsheet, compute total assets, total liabilities, total stockholders' equity, Cash balance, and total current assets at the end of the month. 5. As of January 31, has the financing for ABT's investment in assets primarily come from liabilities or stockholders' equity? Complete this question by entering your answers in the tabs below. During the first month, the records of the company were inadequate. You were asked to prepare a summary of the preceding transactio assessment of their economic effects on ABT, complete the spreadsheet that follows. Transaction (a) is shown as an example. (Enter any balances with a minus sign.)
