E2-11 (Algo) Inferring Investing and Financing Transactions and Preparing a Balance Sheet LO2-4, 2-5 During its first week of operations ending January 7, FastTrack Sports Inc. completed six transactions with the dollar effects indicated in the following schedule: Accounts Cash Notes receivable (short-term) Store fixtures Land Notes payable (due in three months) Common stock (i5,000 shares) Additional paid-in capital Dollar Effect of Each of the Six Transactions 2 4 $15,000 $80,000 $18,000) $14,800) $(9,400) 4,800 9,400 20,000 $6,0 80,000 12,000 6,0 1,300 13,700 Required: 2. Prepare a classified balance sheet for FastTrack Sports Inc. on January 7. FASTTRACK SPORTS INC. Balance Sheet Aeeete Ilahilities nuary 7, FastTrack Sports Inc. completed six transactions with chedule: Ending Balance Dollar Effect of Each of the Six Transactions 1 2 3 4 5 6 $ 15,000 $ 80,000 $(8,000) $(4,800) $(9,400) 4,800 9,400 20,000 $6,000 80,000 12,000 6,000 1,300 13,700 Track Sports Inc. on January 7. 2. Prepare a classified balance sheet for FastTrack Sports Inc. on January 7. FASTTRACK SPORTS INC. Balance Sheet Assets Liabilities Current assets: Current liabilities: Total current assets 0 0 Total current liabilities Stockholders' Equity Total stockholders' equity 0 Total liabilities and stockholders' equity 0 0 Total assets $ $