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During its first week of operations ending January 7, FastTrack Sports Incorporated completed six transactions with the dollar effects indicated in the following schedule:
During its first week of operations ending January 7, FastTrack Sports Incorporated completed six transactions with the dollar effects indicated in the following schedule: Accounts Cash Notes receivable (short-term) Store fixtures Operating lease right-of-use assets. Notes payable (due in three months) Long-term lease liabilities Common stock (15,000 shares) Additional paid-in capital Dollar Effect of Each of the Six Transactions 2 3 4 5 Ending 6 Balance $19,000 $69,000 $(9,000) $(4,300) $(8,800) $(6,000) 4,300 8,800 143,000 69,000 (6,000) 134,000 1,400 17,600 Required: 2. Prepare a classified balance sheet for FastTrack Sports Incorporated on January 7.
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