Chet Required information [The following information applies to the questions displayed below.] Athletic Performance Company (APC) was incorporated as a private company. The company's accounts included the following at July 1: Accounts Payable Buildings Cash Common Stock Equipment Land Notes Payable (long-term) Retained Earnings Supplies $ 6,950 239,000 12,600 350,000 28,750 109,000 40,500 8,100 During the month of July, the company had the following activities: a. Issued 3,500 shares of common stock for $350,000 cash. b. Borrowed $52,500 cash from a local bank, payable in two years. c. Bought a building for $233,750; paid $51,750 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $205,000. e. Purchased supplies for $14,000 on account. 5. Prepare a classified balance sheet at July 31. 5. Prepare a classified balance sheet at July 31. ATHLETIC PERFORMANCE COMPANY Balance Sheet At July 31 Assets Liabilities Current Assets Cash $ $ 20,950 Supplies Current Liabilities 158,350 Accounts Payable 22,100 Total Current Liabilities 180,450 Notes Payable (long-term) 20,950 Total Current Assets 275,000 Land 295,950 Buildings Equipment 109,000 Total Liabilities 472,750 Stockholders' Equity 233,7501 Common Stock Retained Earnings 700,000 0 700,000 $ 995,950 Total Assets $ 995,950 Total Liabilities and Stockholders' Equity