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 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 4 5 Dollar Effect of Each of the Six Transactions $25,000 $77,000 $(7,000) $(4,000) $(8,600) 4,000 128,000 77,000 121,000 1,700 23,300 Ending 6 Balance $(4,000) 8,600 (4,000) Required: 2. Prepare a classified balance sheet for FastTrack Sports Incorporated on January 7. Required: 2. Prepare a classified balance sheet for FastTrack Sports Incorporated on January 7. FASTTRACK SPORTS INCORPORATED Assets Current assets: Cash Notes receivable Total current assets Store fixtures Operating lease right-of-use assets Total assets Balance Sheet Liabilities Current liabilities: Notes payable Total current liabilities Total Liabilities 0 Stockholders' Equity Common stock Additional paid-in-capital Total stockholders' equity 0 $ 0 Total liabilities and stockholders' equity $ 0