East HIII Home Healthcare Services was organized five years ago by four filends who each invested $$12,000$ in the company and, in tum, were issued in total $8,800$ shares of $$1\mathrm{.}00$ par value common stock. To date, they are the only stockholders. At the end of last year, the accounting records refected total assets of $$729,000($$$56,000$ cash; $$514,000$ land: $$53,000$ equipment, and $$106,000$ buildings$),$ total llabilitles of $$212,000($short$-$term notes payable $$106,000$ and long$-$term notes payable $$106,000,$ and stockholders' equity of $$517,000($$$22,000$ common stock: $$90,000$ additional paid$-$In capltal; and $$405,000$ retained earnings$).$ During the current year, the following summarized events occurred:

a$.$ Sold $9,700$ additlonal shares of stock to the original organizers for a total of $$97,000$ cash.

b$.$ Purchased a bullding for $$59,000,$ equipment for $$19,000,$ and four acres of land for $$24,000$; pald $$15,000$ in cash and signed a note for the balance $($due in $15$ years$).($Hint: Flve different accounts are affected$)$

c$.$ Sold one acre of land acquired in $($b$)$ for $$6,000$ cash to another company.

d$.$ Purchased short$-$term investments for $$15,500$ cash.

e$.$ One stockholder reported to the company that $350$ shares of his East HIII stock had been sold and transferred to another stocknoider for $$3,300$ cash.

f$.$ Lent one of the shareholders $$5,900$ for moving costs and recelved a signed, six$-$month note from the shareholder.

$9.$ Borrowed $$11,000$ from a local bank; signed a note due in slix months.

Required:

Was East Hill Home Healthcare Services organized as a sole proprletorshlp, a partnership, or a corporation?

During the current year, the records of the company were inadequate. You were asked to prepare the summary of transactions shown above. To develop a quick assessment of their economic effects on East Hill Home Healthcare Services, complete the tabulation that foliows. The first event is used as an example.

Based only on the completed tabulation, provide the followng amounts.

Compute the current ratio for the current year.

Complete this question by entering your answers in the tabs below.

$\backslash$table$[[$Required$,$Required,Required,Required$],[1,2,4,5]]$

quick assessment of their economic effects on East Hill Home Healthcare Services, complete the tabulation that follows. The first event is used as an example.

Note: Enter decreases to accounts with a minus sign.

Show less A

$\backslash$table$[[,$Assets,$=,$Llabilities,$+,$Stockholders' Equity$],[,$Cash,$\backslash$table$[[$Short$-$Term$],[$Imvestments$]],\backslash$table$[[$Notes$],[$Recelvable$]],$Land,Bulldings,Equipment,$\backslash$table$[[$Short$-],[$Term$],[$Notes$],[$Payable$]],\backslash$table$[[$Long$-],[$Term$],[$Notes$],[$Payable$]],\backslash$table$[[$Common$],[$Stock$]],\backslash$table$[[$Additional$],[$Pald$-$In$],[$Capital$]],\backslash$table$[[$Retained$],[$Earnings$]]],[$Beginning$,56\mathrm{.}000,,,514,000,106,000,53,000,=,106,000,106,000,+,22,000,90,000,405,000],[($a$),97,000,,,,,,=,,+2,+,9,700,87,300,],[($D$),,,-,-,+2,,=,,+2,+,,,],[($c$),,,,,,,=,+2,,+,-,,],[($d$),,,,8,,,=,,+2,+,,,],[($e$),,,,,,,=,,-,+,,,],[($f$),,,,,,,=,,,+,,,],[($g$),,,,,,,=,,,+,,,],[,153,000,0,0,514,000,106,000,53,000,=,106,000,106,000,+,31,700,177,300,405,000]]$

Required $1$

Required $4$

Prev

$2$ of $7$ I$$

Next